USD/JPY Signal - April 19, 2012

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By: Fadi Steitie

Currency: USD/JPY
Trend Expected Direction: Down.
Method: Elliott Waves and Fibonacci Trading.
Description: Just looking at 4H chart, we notice the long bearish engulfing candles that created a strong resistance level pull the trend down to a bottom near 80.50 with irregular End that bounced the trend up to 1.618 Fibonacci level with another smaller Bearish engulfing pattern which create a double top level followed by a Doji and a high spike candle just below 1.618 Fibonacci. All we need is a confirmation to pull the trend back down and that is a red candle that fall below the Doji level near 81.360. However, I will change the target level and set it at or near 81.00 for a short trade. Anyways, I do think this is the final battle between Bulls and Bears at this stage and we all need to pack our stuff and turn the mode to a bullish strategy.
Recommendation: Hold Short
Target Area: 81.00
Stop Loss: 82.00

USD/JPY Signal - April 19, 2012

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.