Intraday Elliottwave Analysis: USDJPY, tight stop loss and look to exit long positions

Yue Wang LinoCapital

USDJPY still hold above 200 day MA.

But short term momentum looks run out of steam.

If today no touch 110.56 and close below 109.64, will highly indicate the uptrend is over.

If today close above 110.60, the uptrend will resume.

If seen, we'll look to close yesterday's long positions at 110.46/50.
(Or simply close them at market, spot 110.28)

Move stops to 109.84, also close them on daily close below 110.07.

For now will use intraday short term trade to catch the trend.

Daily support Levels: 110.07 109.98 109.95 109.91 109.85 109.73 109.64

Daily resistance Levels: 110.25 110.40 110.46 110.50 110.56 110.59 110.83

Intraday Trade Idea:

Sell Latentinterest Order: 110.83

Buy Latentinterest Order: 109.67

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Author

Yue Wang

LinoCapital

Master's Degree in Hepatobiliary Surgery. 

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