AbhishekHSinghCMT
Short

USDJPY-- How to turn trendline into Magic Wand

FX:USDJPY   U.S. Dollar/Japanese Yen
91 0 5
7 months ago
USDJPY-- a....b...c.correction is done & we are into impulsive leg down which started@109.733 high made a 107.836 low & took a u-turn making retracement high@108.789 shown by thumb which hit the upward slanting trendline-which is sign of polarity reversal as support at "b" turned into resistance- this is how trendline can act as magic wand.
Trading Strategy:
Traders- They can go short once the pair trades below 108.10 with stoploss@108.80 & Risky Traders can go short at levels below 108.500 with strict stoploss@108.80.
Current Level-108.636
Targets- Risky Traders should book partial@108.15 (35 pips once trade is active going below 108.500) & later @107.65.
I am expecting USDJPY             to drop below 107.50 once 108.120 is broken
7 months ago
Comment: Both trades are still not active...risky trade shall be active once 108.500 is broken & safe traders can go short once pair goes below 108.120.
7 months ago
Comment: Let us not be stuborn & also have alternate strategy--If USDJPY goes above 109.35 which is 80% retracement of the fall from 109.733 to 107.836--we could take forex community for surprise as USDJPY could finish its downtrend & could be case of trucated 5th waves which is rarely seen. let us wait & watch.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
+919833996865 | LinkedIn
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