#FOREX: USD/JPY Weekly Candle Analysis. Can you say REVERSAL???? week ahead: 28.01.2013
Here is my USD/JPY weekly candlestick chart!
The Japanese Yen has been hammered against its counterparts,forming a strong uptrend since November 2012! rallying 1300 pips with hardly any correction...
As you can see I have measured the high of March 2012 (84.20)down to the low of September 2012(77.00) thus giving us a 200% FIB extension at 91.30...
Fridays price action hit a high of 91.19...
As you can also see the last 3 weeks candles show large wicks to the downside..this is a strong price action indication of profit taking!!
I think this week we can reverse.. I will be selling from market open with a target of 87.00! After this correction I think we may rally gain up to 94.00 (Major resistance April 2010)
Happy Trading
@SP_FX13
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Comment by Jess Simms on January 27, 2013 at 2:52pm -
I like ur thinking shaun.. i missed short at at 91.10 (forgot to place pending.. "ughhh") as resistance due to stall in June 2010... its daily Pivot Point is at 89.76..
As for your 87.00 target well i cant see that far, but i think 89.50 is obtainable (..but if it turns up from 89.50 its going to 93-94)... below 89.50 then who knows maybe 87
I need to to more research and watch its movement at start of week
Good Luck
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Comment by Jess Simms on January 28, 2013 at 1:11am
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Well i took a short at 91.22... wiil wait to see if it falls below 90.80 then may add large... dont like trading too much against trend ... Good Luck Shaun
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Comment by Peter jcp on January 28, 2013 at 8:57am -
Your experience shows there Jess - you sell entry was worthy of a great scalper - GL ;-))
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Comment by Shaun Powell on January 28, 2013 at 10:43am -
+ 50 pips....holding stop is + 5BE so no worries.:)
going to monitor this pair closely
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Comment by james azamgarhi on January 28, 2013 at 10:48am -
thought i had sold @ 91.05, turns out i never actually clicked it :/ lol
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Comment by Francesc Riverola on January 28, 2013 at 2:04pm -
Hi Shaun
Please keep this kind of conversations private... Thanks
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Comment by Jess Simms on January 28, 2013 at 9:52pm
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Took 2/3 off the table at 90.63 from 91.22... dont like the action ... riding 1 lot only with b/e s/l
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Comment by Jess Simms on January 28, 2013 at 9:54pm
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Long AUD at 103.88.. see if that moves better...Cheers
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Comment by Shaun Powell on January 28, 2013 at 9:59pm
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hey Jess hope your good.
yeh slow but ima hold still, i'm long aussie too from 1.0400! only looking for 40 pips tho....
long gbp/usd also. my nzd/usd short triggered just a momet ago, posted this morning!
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Comment by Jess Simms on January 28, 2013 at 10:57pm
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Well i like aud to 1.0475... Your NZD too tuff to call but ill be buying below 82.75... GBP just looks miserable but hopefully u get a nice bounce of the fib its due for one...
UJ back at the 90.63 mark once again... lets see what the asian session brings should smash thru 90.55 then its a free fall
Cheers
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