CAD/JPY Signal- May 14, 2012

Fadi Steitie

By: DailyForex.com

Currency: CAD/JPY
Trend Expected Direction: Down
Method: Elliott Waves and Fibonacci Levels
Description: Looking at the technical picture for Loonie against Japanese Yen, We noticed an ending diagonal that started on 21st March of this year with a price 84.950 bouncing up and down for a month through waves ABC and landed D on 25th April at price 82.830 and now unfolding the last wave E which forming in what called 61,80 and 38,20 that divide the motive into two parts i to iii and iv to v so the whole D pattern should equal to 100% and that target 78.150 price point.
Recommendation: Sell and hold
Target Area: 78.150
Stop Loss: 80,650

CADJPY May 14 2012

About the Author
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.

Currency Pairs:
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