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USD/JPY daily

09-05-2008 - Dimo Dimov  |   Forex Technical Analysis
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The chart shows my working count for the movement started from 105.56. The fall is spectacular but I do not think that it is impulsive in nature. I labeled this movement as a corrective combination and if it is already over, one should expect at least 61.8 % retracement. With an eye on this idea I enter long. On the other side below today’s low will be a signal that the corrective combination will turn out to be triple corrective combination and further fall to 102.00 should be expected in such a case.

Trading strategy:11:24 EST; 16:24 GMT

Buy at market (103.05), stop loss - 102.55, target – 104.40

Confidence level – medium

Trading strategy:04:46 EST; 09:46 GMT

Short position from 104.33

Exit the short position at market (103.12) with profit 121 pips.

Stand aside for the moment

This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.
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