USDJPY

this is the only entry I am not happy with at present as I should have been short at the beginning of the week. however with news etc. it was always a risk, so now have a short to see if we can retrace the main upthrust.

PS It could either be a wave 2 up, wave B up or a failed 5th. Or, of course, some bullish option yet to play out

Despite my earlier stated intention re the RSI, I've gone short on this at the 78.6% Fib and previous uptrend support on the basis that there are those 2 levels of resistance AND the bearish wedge form of this rise. Tight stop just above 101.63 just in case:



dl.dropboxusercontent.com/u/20815047/USDJPYdaily08_07_13.gif

Either way, I'll take a small short at the RSI trendline resistance whatever the price is then.

.....interesting tactic..... I'll watch with interest

OK, thanks diver. 5th failures are always possible so we'll see. Either way, I'll take a small short at the RSI trendline resistance whatever the price is then.

That would make it a failure at 102.41.
A 114.6 ext of wave 4 gives 105.19; or a 123.6 ext gives 106.09??