Will the Yen Trend be your Friend?
Good morning to you Dynamic Traders!
One of my favourite currency pairs is the USDJPY. Much of my learning and progress was achieved by trading this pair.
We have seen a long term downtrend since June 2007 and most recently since August this year.
Notice the break and close below a major support level last week. Both the MOB and Elliot wave 5 prediction, together with at least three other studies indicate there may be significant weakness left in this trend towards the figure 90.
But...be aware of the hurdles in between! We have a long term trend line sitting just below today's candlestick at a significant "price" support.
The daily chart shows a retracement is in progress coinciding with the Elliot wave 4 breather.
A potentially healthy set up could be forming soon to "sell the rally" for a continuation of the downtrend to the next support at the figure 95 and 90 thereafter.
Your FIB knowledge should help you to identify your entry area together with other confluence of events.
This is one for my watch list!
USDJPY Weekly chart Advanced Get
One of my favourite currency pairs is the USDJPY. Much of my learning and progress was achieved by trading this pair.
We have seen a long term downtrend since June 2007 and most recently since August this year.
Notice the break and close below a major support level last week. Both the MOB and Elliot wave 5 prediction, together with at least three other studies indicate there may be significant weakness left in this trend towards the figure 90.
But...be aware of the hurdles in between! We have a long term trend line sitting just below today's candlestick at a significant "price" support.
The daily chart shows a retracement is in progress coinciding with the Elliot wave 4 breather.
A potentially healthy set up could be forming soon to "sell the rally" for a continuation of the downtrend to the next support at the figure 95 and 90 thereafter.
Your FIB knowledge should help you to identify your entry area together with other confluence of events.
This is one for my watch list!
USDJPY Weekly chart Advanced Get
Enjoy your trading!
Saba Jackson
Labels: usdjpy
posted by Saba Jackson @ 6:27 AM
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