Let me wish all of you & your near ones a happy and prosperous new year as per hindu tradition(Vikram samvath-falling 8th April 2016).
Excited! Me too…Why not if you make 300 pips in 3 days in the most volatile pair USDJPY- I feel like I am in seventh heaven which came on such a good time when I shall be celebrating New Year on 8th April 2016.
As per 4th April Update- “USDJPY- Mirror for India Nifty”---I was expecting the pair to kiss the zone 107-108 when it was email@example.com-- What Happened…Why there was such a fall in the pair- Technically, when we entered in the firstname.lastname@example.org- we were already in 2nd wave of v-wave(5th wave). What we were going to encounter was 3rd wave- Vow, I am really fortunate to find one. The pair had a fall from 111.15 to 107.68 as of 7th April 2016—that is the reason, I am in seventh heaven.
We shall look for temporary bounce in the pair if it sustains above 108.60- In that case the pair shall move in the zone 110.30—110.75 which will be 61.8% of current fall & possible resistance for USDJPY- Once that zone is reached & trader gets confirmation, we shall again see downtrend in the pair –which shall be last wave & probably complete pattern as well to confluence along with for a bigger bounce in USDJPY .
Step By Step
USDJPY going above 108.60 shall bounce in the zone 110.30—110.75- Once it hits that zone look for selling the pair on confirmation for targets lower than 107.68- which shall be last wave or 5 in v of C-wave .
SO BOOK 60--70 PIPS AND COME OUT
Regards, Trade with care
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ