USDJPY SETUP, Wednesday, March 27, 2013

Hi Traders,

Before getting into our usual analysis (today: USDJPY) let me remind you that:

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    • Identify Reversal Candlesticks and Pivot Points
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ANALYSIS of USDJPY

SETUP of USDJPY, Wednesday March  27, 2013, (please read our disclaimer)

The USDJPY is setup for the last leg up. The Elliott people calls it "the 5th of the 5th of the 5th"

This means that we've virtually completed all waves up except the very last ripple.
 
TARGETS
 
very likely: 95.2-95.3 and 95.54
likely: 96.28, 97.74 and 98.50
possible: 99.00 and 99.63
maybe: 100.00 and 101.200

ENTRY POINT

In the 1-hour chart below, let the chart reaching the area 94.84-95.00 and then retracing down a bit to 94.45 or so. That should be a good entry for a long position to the targets above described. 

Make sure that you entry after a clear Reversal Candlestick in your 15 min chart.

Also, make sure the "wave oscillator" shows a clear reversal in your 15 min chart. 

1-hour chart: click to enlarge 



 

 

Monthly chart: click to enlarge 

 

 

Weekly chart: click to enlarge 

 
 

Daily chart: click to enlarge

 
 

4-hour chart: click to enlarge