Forex Trading Money Making | USD/JPY Forex pair | Trading signals #4

Welcome back, traders and true believers of Forex Trading.

Welcome to the McDuck trading family.

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

Today we are going to trade the United States Dollar / Japanese Yen Forex pair, without further ado, let's start trading.

This time, our broker is going to be Libertex. They have been operating since 1997, and currently serve more than 2.2 million traders across 11 countries.

With over 30 industry awards to its name, Libertex is certainly a respected platform to trade on.

It's safe to say that Libertex is a powerful and reliable brand, as a fully regulated online broker with over 20 years in the industry. It's the ideal choice for those who want to trade through a range of different markets, with over 200 assets to choose from.

At the moment, I still prefer IQ Option to Libertex, mostly because of their design, however that might change in the future, as I spend more time trading on the Libertex platform.

Time to check out the Economic Calendar and see which events could be crucial for trading today.

Remember to uncheck any currency that you aren't currently interested in, to reduce the clutter of unimportant information.

When it comes to the United States Dollar / Japanese Yen Forex pair, there are a few events that we have to take in consideration when trading:

1. Flash Manufacturing PMI

2. Existing Home Sales

Flash Manufacturing PMI - It is a leading economic health measure-companies respond rapidly to market conditions, and therefore their buying managers have the most up-to-date and important insight into the economic views of the company.

Existing Home Sales - It's a leading economic health measure since a home sale causes a wide-reaching ripple effect. Renovations are carried out, for example, by the new owners, a mortgage is sold by the lending bank, and brokers are compensated for the transaction;

Now let us take a look at the chart below, shall we?

During the trading session on Thursday, the US dollar initially tried to rally but gave back the gains above the level of 106 yen, before pulling back a bit.  

Ultimately, the market looks like we're going to consolidate in this general vicinity, which makes quite a bit of sense as the markets have been rather quiet, and we're in the middle of the holiday season.

As the Federal Reserve proceeds to pump money into the economy, the US dollar is still on its back foot. This is especially true if you can see a rebound on the stock market and a strengthening of the Japanese yen against the US dollar, which is not usually the case.

I would expect that there would also be sellers at this stage, as the market will continue to see a lot of technical resistance based on the moving average.

If you like me, prefer to have data from a lot of sources, then it is a good idea to sign up for a Tools Trades account so that you can get access to trading signals, that will most certainly give you an edge in trading.

As we discussed above, a selling position would be the best option in this trade, if some of you had doubts about it however, you could go ahead and generate a signal. It will help you make a good decision in most cases.

So far we have mostly managed to get more and more profit per trade in general.

Considering that we made 578.24 euros in a whopping 4 minutes and 31 seconds, I can happily say that the Tools Trades signals have been of great help when it comes to trading.

Not only are they providing us with information of great importance, but they also do their best to provide us with outstanding "safety nets" in terms of Take Profit and Stop Loss values.

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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