Forex Trading Money Making | USD/JPY Forex pair | Trading signals #14

Welcome back, traders and true believers of Forex Trading.

Welcome to the McDuck trading family.

In our previous post, we traded the Great British Pound / United States Dollar Forex pair with a Tools Trades signal, if you missed it, make sure to check it out!

Today our Forex pair of choice is going to be the United States Dollar / Japanese Yen. Although the United States Dollar may not be the most lucrative option at the moment, we can take advantage of the market fluctuations and make some profit.

As per usual, we are going to be using IQ Option as our trading platform of choice. A great platform overall for both novice and advanced traders.

We should look into the Technical analysis to see if we can discern the position from which we are going to enter the trade.

The summary is pointing us in the buying position, however, we have Oscillators in a completely neutral position. This could mean that we may encounter some volatility in the market, which we have already anticipated. The Moving Averages are however telling us that we could feel confident about entering the trade in a buying position.

Let's see if we can find some more information from the chart below.

The market displays a slow, yet an almost consistent bullish trend, with some levels of resistance. This is one of those trends that if you ride them out properly, you are bound to walk out with a huge profit. Always watch out for these opportunities, as when they present themselves, missing out on them can be a huge loss on your part.

Now it is time to check out the Forex Factory Economic calendar as a part of our Fundamental analysis.

Open up the Forex Factory Economic calendar and let's set it up so that it only shows relevant news.

We only need the information associated with the United States Dollar / Japanese Yen and as such everything else would be redundant.

We have a fair share of events that could make an impact on the market. In order not to get overwhelmed by the information, we are only going to take a look at these:

1. ISM Manufacturing Prices (USD)

2. Final Manufacturing PMI (USD)

3. Tankan Manufacturing Index (JPY)

ISM Manufacturing Prices (USD) - This report has been derived via a survey of about 300 purchasing managers which asks respondents to rate the relative level of prices paid for goods and services. It's a leading indicator of consumer inflation - when businesses pay more for goods and services the higher costs are usually passed on to the consumer.

Final Manufacturing PMI (USD) - Another report that has been derived from a survey of about 800 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories. It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.

Tankan Manufacturing Index (JPZ) - Similarly, this report is derived from a survey of about 1,200 large manufacturers which asks respondents to rate the relative level of general business conditions. It's a leading indicator of economic health - businesses react quickly to market conditions, and changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment.

Don't forget to use the promo code #SHIVINVEST when you sign up for a Tools Trades account in order to receive additional free trading signals.

We are going to get a signal from the Tools Trades website to help us make a final decision for this trade.

The signal we generated from Tools Trades told us that a buying position will be the way to go. We have to make sure to enter the Take Profit and Stop Loss values, as they are our reference points when trading.

All this work paid off and we were able to make quite a lot of profit! Thanks to the quality research and the great trading signal from Tools Trades we were able to make a whooping 4.210.97$!

That is everything for today, feel free to check out the video below on this topic, stay safe and I will see you soon with more tips and tricks, trading signals and guidelines for Forex trading!

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