USD/JPY Signal- May 3, 2012

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By: Fadi Steitie

Currency: USD/JPY
Trend Expected Direction: Up
Method: Elliott Waves and Fibonacci Levels
Description: Within flat correction start forming earlier on 11th of April 2012 at price 80.560 up to 81.760 down to 79.680 and now to its end wave (C) in a diagonal form up again targeting 81.00 level 1 and will be bouncing up and down until it complete wave (C) before it correct itself for a fresh move. I suggest traders to buy and hold currency for further progress in its last diagonal wave.
Recommendation: Buy and hold
Target Area: 81.00
Stop Loss: 79.50

USDJPY Signal 5312

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.