Trading plan for March 4

The economic calendar doesn’t contain any significant events today that is why it’s recommended to trade on the market sentiment.

At first, let’s consider the chart of USD/JPY. The pair has continued its steady gains since the beginning of today’s trading session. News on the significant progress in trade talks between the US and China helped the pair to stick above the 100-day SMA at the weekly pivot at 111.43. Parabolic SAR shows an upward movement for the pair and ADX shows the strength of bulls. On the H4, the pair could not break the resistance at 111.97 and started to fall. If the pair continues to move down, it will face the first support at 111.76. The break of this level will pull the pair lower to the weekly pivot support at 111.43. Otherwise, if the risk on sentiment continues to dominate in the market, bulls will manage to break the 111.97 level and target the next resistance at 112.52. From the technical side, we can see that RSI is about to leave the overbought zone, that is why we may expect further falls. ADX shows bears take over the market, but their power is not too strong yet.

Not let’s consider GBP/JPY. The pair is also rising amid the positive news on Brexit and increased risk-on market sentiment. RSI is moving within the overbought zone. If it leaves this zone it may be a signal of reversal. ADX shows bullish strength in the market, but the doji candlestick and the candlestick with the long upper shadow show that they are weakening. So be careful. On the H4, the pair is currently testing the resistance at 148.3. If the pair breaks this level, the next resistance will lie at 149.46. If bulls are too weak to hold their positions, they will pull GBP/JPY to the support at 147.5, the next support will lie at 146.86.


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