Saturday, November 7, 2009

USD/JPY Hourly Chart Update




Here is my count for UJ. I think it is highly likely that the pair will reverse at around 89.6. At this level waves A and C are equal and waves 1 and 5 of C are equal, with wave 3 being extended (>161.8% of wave 1) so it is unlikely wave 5 will extend. As I am bullish on the pair over the medium term, I believe a good strategy with an excellent risk/reward would be to take a long position in the pair at 89.6 with a stop loss just below recent lows at 89.18.

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