USD/JPY Signal Update March 16

16 March 2012 9:27:00 AM

By: Fadi Steitie

Trend Expected Direction: Flat
Method: Japanese Candle Sticks
Description: After price drop yesterday from 84.137 to 83.280, the trend got into a flat cycle which could be a continuation of more drop. Just to be in the safe side, I would suggest traders to move Stop Loss to 83.700 to secure profit and to keep short position if price broke 83.150 level for further drop. In case price broke 83.150 level, I would expect next target at 82.60.
Recommendation: Hold Short
Target Area: Open
Stop Loss: 83.650

USD/JPY signal 3/16/12

Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals based on his keen understanding of the market. Fadi is an expert in Elliott wav principles and Ichimoku Kinko Hyo, and he is a managing partner in one of the leading organizations in protective coating in the Gulf region.

In addition to sharing his trades as a member of the DailyForex trading team, Fadi is an expert trader on eToro, a social platform that allows traders to copy experts quickly and easily. Copy Fadi's trades on eToro here.

DailyForex Newsletter
0 User Reviews

Registration is required to ensure the security of our users. Login via Facebook to share your comment with your friends, or register for DailyForex to post comments quickly and safely whenever you have something to say.

Log in | Create a Account Now