Check out these potential profits that you may have missed from our Daily Market Analysis.
- USDJPY bulls lock in 80 pips
- Silver up almost 3% this week
- Crude hits all bullish targets
1) USDJPY rebound lends bulls support
- Where and when was Target Price (TP) published?
In our Trade of The Week article on Monday 11th March:
We cautioned around the possibility of a “technical rebound” and highlighted how the USDJPY’s “14-day relative strength index (RSI) was already flirting with the 30 level”.
Note: When the 14-day RSI hits or goes below 30, this signals that prices are oversold.
- What happened since TP was published?
After failing to push lower, the USDJPY experienced a technical rebound on Tuesday thanks to the hotter-than-expected US inflation data.
This report cooled hopes around the Fed cutting interest rates in the coming months, boosting this dollar – which sent the USDJPY higher as a result.
Prices shot past the 147.20 resistance with the momentum briefly taking the currency pair above 148.00.
- How much in potential profits?
Traders who took advantage of the breakout above 147.20 and exited at 148.00 would have been rewarded with 80 pips.
Note: The USDJPY could be injected with fresh volatility on Friday due to the results of Japan’s wage negotiations.
2) Silver hits fresh 2024 high
- Where and when was Target Price (TP) published?
In our article covering Silver on Wednesday, March 13th we maintained a bullish outlook for the precious metal due to technical forces.
“Silver is currently in a daily uptrend after breaking out of a ranging period…, if the price reaches the $24.676 level, a long scenario becomes feasible.”
- What happened since TP was published?
Silver prices rallied higher, hitting a fresh 2024 high above $25 and gaining almost 3% since the start of the week.
- How much in potential profits?
440 points for traders who bought silver at $24.676 and locked in profits at the second bullish price target at $25.116.
3) Crude bulls enter the scene
- Where and when was Target Price (TP) published?
This technical scenario (Crude) is based on the FXTM Signals that are posted twice a day (before the London and New York sessions) for all FXTM clients to follow.
It can be found in the MyFXTM profile under Trading Services… FXTM Trading Signals.
- What happened since TP was published?
Oil prices initially rallied on Wednesday due to a surprise drop in U.S crude stockpiles and geopolitical risks concerning Ukraine/Russia.
The global commodity extended gains this morning (Thursday) after the International Energy Agency warned of a supply deficit throughout 2024.
- How much in potential profits?
Crude has hit all its profit targets.
Traders who entered at $79.49 and exited at the final target level of $79.83 would have gained 34 points.
