Monday, 29 April 2013

USDJPY, Monday, April 29, 2013

Hi Traders,

Markets never stops to surprising me. I thought the USDJPY was going to hit 101.3 but it didn't. If what I see is a real double top, it's time for a downtrend.


USDJPY seems to have completed 5 waves up at 99.944 and needs to recharge for sometimes by implementing a downtrend with 3-5 major waves down. See the 5 waves up in the weekly chart below.

A double top in the daily charts is now casting dark clouds on the currency pair as in the daily chart below.

See the double top in 4-hour chart below and targets/supports in the area 97.22-97.14 and 96.32-96.19

Now check the entry/exit points of the "wave oscillator" in the same 4-hour chart: 

  • the blue lines are the entry points for a long
  • the red lines are the entry points for a short
  • the black vertical lines are exit point for both trades
See the last red line (right end) showing the short? There's no exit yet.  

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