FX:USDJPY   U.S. Dollar / Japanese Yen
FOLLOWING UP ON MY PREVIOUS POST, AS I MENTIONED IF PRICE CLOSE BELOW MY LOWER TRENDLINES I AM NOW IN PLAY FOR A FLAG. IF THE PREVIOUS FAIL, THIS IS AUTOMATICALLY IN PLAY. LOOKING FOR A MOVE UP, THEN DOWN AS ON THE CHART
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HERE IS A DETAILED VIEW OF MY EXPECTATION FOR THIS PAIR FOR THE REST OF THE WEEK. I'M EXPECTING PRICE TO BOUNCE AND RETRACE BACK TO STARTING POSITION BEFORE PROCEEDING DOWNWARD TO HIT TARGET. I'D VIEW IT AS A SECOND CHANCE TO GET IN. I WOULD TAKE THE CHANCE AND TRADE THE SMALL REVERSAL BUT I'D WATCH THE PAIR CLOSELY BEFORE DECIDING. IT DOESN'T ALWAYS PAY TO BE GREEDY BUT IT DOES SOMETIMES. IT'S ABOUT 20 PIPS ON THE REVERSAL, BUT FINDING A CLEAR AREA TO PLACE STOPS IS A BIT DIFFICULT. FOR THE SCALPERS I GUESS HEDGING WOULD MAKE MORE SENSE, BUT FOR THOSE WHO PREFER POINT A TO B, JUST WAIT FOR TARGET (WHICH WILL TAKE SOME TIME).
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