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USD/JPY daily
Fri, Apr 11 2008, 15:50 GMT
by Dimo Dimov
Elliott Wave Analysis
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I think that the recent consolidation between 122.92 and 101.44 was in a bearish triangle. It was broken from the downside and we saw a fall to 100.00. However the forthcoming deep recovery to 102.25 has ruled out the possibility for a direct fall below 95.73. In fact I think that the movement started from 95.73 will turn out to be very complex and it is not finished yet. I will discuss the situation in more details in the weekly analysis. Regarding the current situation I expect another recovery to 102.25 followed by another fall with potential target 98.40 (61.8 % retracement of the movement started from 95.73). With an eye on this idea I am currently long for 102.25 but I have to admit that my confidence is still low. A key support is 100.00. A fall below it will be a sign that a movement for a new low has begun.
Trading strategy: 11:02 EST; 16:02 GMT
Long position from 101.40, stop loss - 101.60, target - 102.25
Confidence level – low
Published on Fri, Apr 11 2008, 15:52 GMT
Archive
- EUR/USD daily
Published On Mon, Nov 17 2008, 16:43 GMT - EUR/USD daily
Published On Mon, Sep 1 2008, 13:48 GMT - EUR/USD daily
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Published On Mon, Aug 4 2008, 14:59 GMT
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