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26 Feb 2015
USD/JPY short for 118.35 – AceTrader
FXStreet (Barcelona) - The AceTrader Team retains their short position for USD/JPY, expecting the pair to consolidate with a downside bias.
Key Quotes
“Y'day's price action suggests choppy trading below Feb's high at 120.48 wud continue with downside bias.”
“The bigger picture remains unchanged, we're retaining the 'triangle' scenario fm 2014 7-1/2 year peak at 121.85 (Dec) where the sell off to 115.85 marked the terminus of the a-leg, then rebound to 120.83 was the b-leg top (also pivotal res), subsequent decline to 115.85 was the c-leg bottom n aforesaid ascent to 120.48 was the d-leg top. If this triangle consolidation holds true, decline fm 120.48 is therefore the 'final' e-leg fall which shud pressure price to 117.62 (being 61.8% r of 115.85-120.48) but sup at 116.66 shud contain downside.”
“Today, we are holding a short position entered y'day for weakness to 118.35 n one shud look to exit on such decline as last week's low at 118.20 shud remain intact on 1st testing n yield subsequent recovery.”
Key Quotes
“Y'day's price action suggests choppy trading below Feb's high at 120.48 wud continue with downside bias.”
“The bigger picture remains unchanged, we're retaining the 'triangle' scenario fm 2014 7-1/2 year peak at 121.85 (Dec) where the sell off to 115.85 marked the terminus of the a-leg, then rebound to 120.83 was the b-leg top (also pivotal res), subsequent decline to 115.85 was the c-leg bottom n aforesaid ascent to 120.48 was the d-leg top. If this triangle consolidation holds true, decline fm 120.48 is therefore the 'final' e-leg fall which shud pressure price to 117.62 (being 61.8% r of 115.85-120.48) but sup at 116.66 shud contain downside.”
“Today, we are holding a short position entered y'day for weakness to 118.35 n one shud look to exit on such decline as last week's low at 118.20 shud remain intact on 1st testing n yield subsequent recovery.”