HKD/JPY Signal April 16, 2012

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By: Fadi Steitie

Currency: HKD/JPY
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.
Recommendation: Sell
Target Area: 10.280
Stop Loss: 10.500

HKD/JPY Signal 41612

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.

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