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  4. USD/JPY Techincal Outlook - Oct. 2, 2012
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USD/JPY Techincal Outlook - Oct. 2, 2012

Fadi Steitie

By: DailyForex.com

Currency: USD/JPY
Trend Expected Direction: Flat
Method: Ichimoku
Description: Daily move with falling resistance levels followed by a double bottoms and Bullish Engulfing warns for a near by trend reversal confirm by a broken resistance line. Bullish Engulfing is falling with a divergence in RSI at 35.03 Price 77.15 on 13 September in comparison to RSI 30.37 at Price 77.66 on 1st Jun. Kumo sentiment is down but getting weaker with a conflict in Tenkan & Kujin sen (Blue&Red). Soon within this week or next, We need to keep our eyes on Chikou (Black average for a turn in trend after the Strong Bullish engulfing took place. Once breakout gets in shape, I will take USD/JPY to Elliott lab for further analysis and details in order to build a trading plan that could be potentially profitable. Stay tuned for further follow up here at DailyForex.com
Recommendation: Step aside and watch the market.
Target Area: N/A
Stop Loss: N/A

USD/JPY FX Forecast - October 2, 2012

Fadi Steitie
About 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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