Hello Guys, I know basic things about Forex trading and using MT5 for it. Could you people lead me how to trade technically in Forex? Or which chart or candle or technical analysis we can use to trade in Forex?
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Have you already tried to trade on demo accounts with basic support resistance approach? Trade, make a list of question, challenging problems you need to solve and come back to forum for help. It's the best learning process from all.
The US dollar declined against the Japanese yen on Monday. During the Asian session, USD / JPY was traded at 112.75, losing 0.06%. I believe that support is now at around 112.61, Monday is low, and resistance is likely at the level of 114.02 - the maximum of Wednesday.
The US dollar rose against the Japanese yen on Friday to 112.98, adding 0.03%. I believe that support is now at 112.31, the low of Tuesday, and resistance is likely at the level of 113.14 - the maximum of Wednesday.
The US dollar rose against the Japanese yen on Monday to 113.22, adding 0.22%. I believe that support is now at around 112.61, the low of Wednesday, and resistance is likely to be the level of 113.28 - the maximum of today's trading.
The pair was indecisive yesterday and today, hitting 113.26, after the bullish momentum was dropped just under 114.20 - 114.70. Expectations are bearish for testing at 113.20/00. Resistance is 113.66 (current peak). A clear breakthrough and daily closure back over this region may take the price to a neutral zone with a retest of the strong resistance of 114.20 - 114.70, which remains a good place to sell. Downwards, a clear breakthrough and daily closure below 113.20/00 will direct the bear to the trendline support line and 112.50/00. This region remains a good place to buy.
The dollar rose to the yen on Friday. The pair USD/JPY increased by 0.07% to 113.68. In times of political or economic instability, investors prefer to invest in the yen, which is considered a defensive asset.
As it was mentioned before, the best way is to use both ways of analysis. Fundamental analysis is extremely important for swing and mid-term trading, while technical analysis is necessary for intraday trades.
For example, you can look for ideas using technical analysis and use technical analysis to find entry points with best risk-reward ratio.
Of course, price already includes all possible inforamtion, but large institutional players need time and liquidity to get their positions, and this process creates opportunities for retail traders.
