USDJPY

I got lucky on this today as I forgot to delete my buy order to close my short at 79.90 so it got triggered in the sharp drop first thing this morning. I managed to re-open the short just below the hourly downtrend line (80.37) at 80.25.

I'm still looking for around the 79.50 mark for this.

Looks like I've missed that as it bounced off 79.93. I'll now leave it open as if it gets back down to there it ought to go through. It's a free trade and my stop is at b/e.

I've decided to close this short at 79.90, just above the 23.6% Fib:



dl.dropbox.com/u/20815047/USDJPYdaily06_11_12.gif

My reason is that I've noticed that most correction down to the 38.2% Fib start their wave B up from the 23.6% one. It also ties in with the expected trendline bounce in EURJPY. I will look to short both of these again higher up as I still think that they've got further to fall. My ultimate short target for USDJPY remains 70.50 as this is close to the 38.2% Fib (of my wave 3), plus support from 79.47.

All IMHO etc

Hope its a free trade for you now..??
Remo

It seems that there is divergence on RSI as well, nice one.

So we could be in a wave 4 of some degree (maybe wave 1) with a wave 5 to come + A B C.

The 38.2% is different to your target Jackozy, what have I done differently to you ?

dl.dropbox.com/u/43650856/Usd%20Jpy%20%20-%20%202nd%20Nov.htm