Tuesday, February 22, 2011

USDJPY Grinding Down


I got into the USDJPY last Wednesday. A combination of technical aspects had me enter short. My entry was 83.68 with a stop at 84.09 that held (just) and a profit target down at 82.35 (62% fib retracement) .
I liked it as a wave 4 with price indicator divergence and a protracted ABC corrective move (highlighted in blue) up to the 83.85 area at the 100% extension. It was also pausing around the 76% fib retracement level.
Notionally take profit would be around the 200 EMA at 82.65. However, I am going to try and fill my boots on this one and punt for a 62% retracement down to 82.35 area.

Update:- got out at 82.80 was showing good support at 200EMA

No comments:

Post a Comment