FOREX Trade Alert for - Symbol  USD/JPY.

FOREX Trade Alert for Monday.  Jul 07, 2008.

On Jul-07-2008 a candlestick formation confirmed a buy signal. A buy signal was also confirmed when this contract closed above 107.0433 on Jul-07-2008. 4xGENIE Action: ==> Buy this Currency Pair at 108.88 or better. Stop at 107.02. Wave 5 could rise up to 110.57 or to 113.55. Today’s candlestick appears in the yellow shaded area of the chart. This reflects strong consolidation here!

Next Day Trading Ranges for Monday Jul 07, 2008.

The 20 day moving average of the daily trading range is 99 pips and the 60 day moving average of the daily trading range is 112 pips. This shows that volatility has decreased in the short term. The percentage of updays when the open/low ratio is less than 25% is 57.86 percent. This means that if this curency pair USD/JPY does not drop more than 24 PIPS from the opening price then there is a 57.86 percent chance that this will be an upday.

Monthly Pivots.

The [R3] or the most extreme high trading range is 108.86.

The [R2] or the extreme high trading range is 108.31.

The [R1] or the high trading range is 107.73.

The [P] or pivot point is 107.18.

The [S1] or the low trading range is 106.60.

The [S2] or the extreme low trading range is 106.05.

The [S3] or the most extreme low trading range is 105.47.

Next Day Alternate Stops for Monday Jul 07, 2008.

The red line to the right on your chart is an extreme support or resistence level for the next trading day.

A good alternative stop is one which is placed just beyond this extreme support/resistance level.

In this particular case if the price drops below 106.0500 then that would show momentum against ForexGenie’s long position and that would be a break out to the downside.

Please Note: These support/resistance levels are calculated by using the previous day’s trading range. Normal volatility may cause a breakout of this value once every 4 or 5 days when prices consolidate.

Alternate stop: 105.89.

Current Day Trading Session:

Momentum is continuing upward at the present time.

Next Day Trading Session:

If the next day’s close is below 105.90 then that could be a sign that the current upward momentum is reversing.