TV

Video: Bullish Yen Bias on These JPY Pairs This Week, with Dollar in Limbo…

Weekly Analysis of the high probability opportunities for this week in Forex, Indices & Commodities.

Click on the video to watch the full breakdown

Happy new year everyone. Welcome to the first market analysis for 2024.

Don’t expect big moves, this being the first few weeks of the year. Generally, markets are slower, as everyone is just settling into the new year, and some traders are probably still out skiing… (or at least on vacation)

Nevertheless, with cautiousness, we can begin to look at what’s unfolding. Starting of course, with the biggest timeframe candles.

Now that we have the 12-Month candle closes, all the analyses from last year’s candles needs to be reviewed, to see if it’s still valid based on current price action. Be aware.


Here’s our shortlist of opportunities for the week:

  • EUR/USD
  • CAD/JPY
  • EUR/JPY
  • EUR/CAD
  • WTI Crude Oil
  • AUD/NZD
  • Gold

This Week’s News Calendar

As you can see, the bulk of the expected volatility is in USD and GBP. However…

The dollar is in a tricky spot, going by the technicals, and is hard to read. Waiting is prudent.

JPY Provides More Clarity

At the tail end of 2023 JPY broke structural highs and now looks bullish. Following that, the XXX/JPY pairs have produced signs of weakness, despite the messy-looking range. Therefore focus is on them this week. See the video for the breakdown.

Carryovers from 2023

Some markets from December 2023 still look valid.

These ones can be classed as low probability because they are tied to the unclear USD: EUR/USD, Gold, Oil

However, these have more potential: AUD/NZD, EUR/CAD

Notes for Your Trading Week

Again, do keep in mind the first few weeks of the year may be slow. That means the markets may not give you large swings and movements, or can be in a range for a while. Expected to be frustrated – unless you’re day trading and/or scalping. What that means to you is:

  • Stoplosses may need to be wider to account for ranging behaviour
  • You will be paying extra broker fees if the trades run for longer
  • You will be holding trades longer and therefore may have less risk to spare on other trades (depending on your risk management style)

Wishing you all a successful trading year


Written by: Dima Mihailovich, Technical Analyst for Forex Prop News

Contact and follow Dima on Twitter: @dimafpn

Image by Photo by Aleksandar Pasaric, on Pexels

(Please note: All comments made in this video and article are not trading or investment advice and are for education purposes only. You are responsible for your own decisions and the risk that goes with it.)

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