TradersClassroom
Long

USDJPY Possible ABCD Pattern

FX:USDJPY   U.S. Dollar/Japanese Yen
50 0 2
Last week this pair just destroyed all the shorts. I feel sorry for anyone without a stop (not really. Be smarter!). Near the 1.414 level is the completion of an ABCD pattern . If you are gutsy enough this would be a good area for this pair to "catch its breath" and maybe pull back. However, I don't think I want to trade against this pair but rather buy up potential pullbacks. 120 is definitely in the realm long term. This is discussed in the Weekend Preview. Check it out here: http://youtu.be/w24ZTnACgjg.

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