CNBC is abuzz with talk about a 15-yr low for USD versus Yen. And they are saying some other entertaining stuff too, as usual. -------------------------------------------- Short is the way to be But here's what I'd like to tell you ... There appears to be a full 5 waves down on Weekly. This means an A-B-C upward correction to at least 38.2% retracement of the drop from June 17, 2007 is likely. And under the hood, quietly in the background, USDJPY has just arrived at Fib extension 261.8%, a known criminal support level. A 4H close > 86.127 might start a countertrend significant rally. So be alert to close your short and go Long.
She be on the move now, threatening a/the trendline. But we wait for the 4H close > 86.127. Patience.
As you can see, she took out the trendline and is now just a hair below the trigger signal mentioned above. We wait. Patience.
I find it a very nasty pair. I bought it at 85.25, and it played so many fakes yesterday. I decided to sell it today. It continued a bit up. Interesting to hear that CNBC is making bearish talk about it. Where do you see the rally ending? 90.00 area?
Don't be so hasty to judge. This is a Daily timeframe call with 4H as trigger. A close > 86.209 = go Long
NO signal to go LONG on Daily timeframe since the close > 86.209 did not happen. But I called to take short profits on 4H - so even though a profitable run, it was not my intention to exit early, so that aspect is clearly WRONG and premature as a lower low was made. More on relevant 4H update post follows ....