While I remain bullish on the USD against the Yen, recent price action in the pair has me confused. The rally from 84.80 to 93.80 is an obvious ABC, and the move down to 89.15 looks like a complete X (WXY), but the price action since 89.15 does not look like a motive way of any sort (either an impulse or a leading diagonal). Even though I was hoping, and somewhat expecting for price to skyrocket from these levels in line with the Cmellon's Delta Count, it seems more likely that another low will form before price head further upward. My trade was stopped out at break-even. I am going to take a short position on a break of the rising trend line support. Stay tuned for updates.
No comments:
Post a Comment