AbhishekHSinghCMT
Long

UJ(USDJPY) & India Nifty Connection -Back Again

FX:USDJPY   U.S. Dollar/Japanese Yen
55 0 4
USDJPY-- we expected 5th wave target in USDJPY             as 111.85--111.95 once it crosses 111.35--Yesterday it crosses 111.35 but we entered in long trade@111.20--111.25 as soon bearish channel was broken & was expecting UJ to hit 111.85--111.95
What happened post our trade in UJ:
UJ went to 111.474 & started falling sharp down to current lows@111.05 which is 50% retracement of the rally from 110.67 to 111.474 -has satisfied that 5th wave itself is sub-dividing & we are about to finish 2nd wave in 5th wave---
What we expect
We are looking for 3rd wave which are usually explosive & looking for target zone 112.30--112.50 -if this turns out to be true then...
What will happen to India Nifty
India Nifty             which has been struggling to cross 7980 mark-important supply or resistance level- shall be crossed & intraday itself -we can have the boom...8030--8050 as target.
Strict Stoplosses:
UJ---110.64 shall be strict stoploss
India Nifty- If 7980 crossed---7919 shall be stoploss.
Regards, Abhishek H.Singh,CMT
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
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