A good chance looking for Long USD/JPY

Discussion in 'Forex' started by forexbullbear, May 15, 2009.

  1. Hi, :D

    Like to share a good chance to look for buying a Long position of USD/JPY.

    As you can see in 240 minutes chart, there is a possibility fo a Running triangle, and it's currently bottoming for wave "c", so we could expect to see wave "d" back to the above trend line.

    As long as price does not fall below 93.54, the wave count of Running Triangle would stay intact.



    Happy Trading!
  2. I'm a total newbie to technical analysis.

    I agree with you that there could be a bounce. But, doesn't this also look like a head and shoulders pattern? (bearish pattern) Or is it heading back up, since it has had its drop from the neckline already?

    Please let me know what you think...I'm still learning all this stuff!

  3. You have to wait until the Nikkei gets close to a similar price to the DJ. Right now the JPY is still undervalued and will probably re-test usd/jpy 90.
  4. Tip: Forget all that head and shoulder stuff, wave counting, fib numbers. Focus your energy and time on support and resistance and on the other side on identifying trends. Those two strategies employed at the right times will give you everything you need in fx space.