Last week, I made no weekly forecast. This week, I again make no weekly forecast, as there were no unusually strong truly counter-trend price movements in the market last week.
The yen is a popular asset during turbulent times.
This week I will begin with my monthly and weekly Forex forecast of the currency pairs worth watching. The first part of my forecast is based upon my research of the past 20 years of Forex prices, which show that the following methodologies have all produced profitable results:
Let us look at the relevant data of currency price changes and interest rates to date, which we compiled using a trade-weighted index of the major global currencies:
Monthly Forecast January 2023
For the month of January, I forecasted that the EUR/USD currency pair would rise in value and that the USD/JPY currency pair would fall in value.
The forecast performance is as follows:
Weekly Forecast 8th January 2023
Last week, I made no weekly forecast. This week, I again make no weekly forecast, as there were no unusually strong truly counter-trend price movements in the market last week.
Directional volatility in the Forex market is likely to increase over the coming week as there is a very high-impact data release scheduled for this week.
Last week was dominated by relative strength in the Australian Dollar, and relative weakness in the Japanese Yen.
You can trade my forecasts in a real or demo Forex brokerage account.
Key Support/Resistance Levels for Popular Pairs
I teach that trades should be entered and exited at or very close to key support and resistance levels. There are certain key support and resistance levels that can be monitored on the more popular currency pairs this week.
Let us see how trading one of these key pairs last week off key support and resistance levels could have worked out:
USD/JPY
I had expected the level at ¥129.60 might act as support in the USD/JPY currency pair last week, as it had acted previously as both support and resistance. Note how these “role reversal” levels can work well. The H1 price chart below shows how the price rejected this level towards the end of last Tuesday’s Tokyo session (which can often be a great time to enter Forex trades involving the Japanese Yen) with a large bullish engulfing candlestick, marked by the up arrow signaling the timing of this bullish rejection. This trade has been extremely profitable, achieving a maximum positive reward to risk ratio of more than 9 to 1 so far based upon the size of the entry candlestick structure.
Ready to trade our weekly Forex analysis? We’ve made a list of the best brokers to trade Forex worth using.
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2023-01-08 11:36:53Z
CBMiemh0dHBzOi8vd3d3LmRhaWx5Zm9yZXguY29tL2ZvcmV4LXRlY2huaWNhbC1hbmFseXNpcy8yMDIzLzAxL3RyYWRpbmctc3VwcG9ydC1hbmQtcmVzaXN0YW5jZS04dGgtamFudWFyeS0xNHRoLWphbnVhcnkvMTg5NjQ10gEA
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