USD/JPY Signal - April 19, 2012

Fadi Steitie

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

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.

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