HKD/JPY Signal April 16, 2012
By: Fadi Steitie
Trend Expected Direction: Down.
Method: Elliott Waves and Fibonacci Trading.
Description: With a positive signs on Japanese Yen and Japanese economy, I do expect a fall in Hong Kong Dollar against the Japanese Yen. Looking technicality on falling channel that wave 5 of iii has been completed at 10.366 and wave iv is in progress and broke the upward trend line, I still do expect a further drop toward 0.5 Fibonacci level toward a target of 10.280 to unfold final wave v of a larger cycle C. Let's maximize the benefit of a pull back below trend line under a complex correction for a taste from Asia.
Target Area: 10.280
Stop Loss: 10.500