Here is an hourly USD/JPY count. As you can see recent price action has remained range bound between former resistance at 93.77 and the 38.2% Fibonacci of the previous move up. I am expecting a break from this wedge over the coming session. If price does break higher from these levels it will indicate a very weak Yen, as neither the 2nd nor the 4th waves (green) will have retraced a substantial percentage of the previous wave. I have a buy order set at 93.00 and am keeping my stops at 91.1. Initial target will be 95.5.
No comments:
Post a Comment