USD/JPY Signal Update March 16

Fadi Steitie

| on March 16, 2012 | Updated on March 16, 2012

By: Fadi Steitie

Currency:USD/JPY
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

Fadi Steitie

Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals with DailyForex.com based on his keen understanding of the market. His favorite pair is EUR/ USD because almost 40% of traders trade this pair and it does match most of his pattern recognition strategies. He is an expert in Elliot Wave principles as well as Ichimoku Kinko Hyu which he is currently researching. So far he has not seen many English translated books about this method of technical analysis, however he is continuing to read about it and believe this method has as much to give to traders like the Elliot Waves method does. Fadi is looking for the magic behind this principle even though many do not research this trading system.