USD/JPY Short-Term Buy In Progress...

Last updated 10/14/2009 1:45 PM EST (GMT -5) 2 Comments

FX360 Technical Analyst Staff

Technical Analyst, GFT

The USD/JPY is currently testing 78.6% intraday support, and according to GFT's timing/trend leading indicator, Foresight-A.I. ™, the pair is forecast to resume an intraday uptrend for the remainder of the NY session. We are currently long at 89.22 with stops set below this morning's low (also taking into account the possibility of a 161.8% ABCD extension). If prices reach new intraday lows below our 88.98 stop-loss, a potentially strong bearish continuation move may be in progress. Otherwise, we'll look to move stops to break-even if prices rally to 89.48, and look to take profits at 89.66 (T1), 89.94 (T2) depending on where prices are at towards the end of the NY session.

Potential Strategy : Buy at market (88.22) risking 88.98 targeting 89.66 (T1), 93.82 (T2)...stops to break-even at 89.48.

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Comments (2)

fishmanszmit

October 15, 2009 at 01:57 PM ET

Hi Roger, I am up to 90.70 as of 2pm EDT! Thank you for the trade! Doesn't that mean the USD/JPY short at 90.11 should be open and stopped out? It is still on the recommended trades. Well you guys are a godsend and I thank you!!!

rstojsic

October 15, 2009 at 02:45 PM ET

hi fishman, thanks for the great feedback, and nice job staying in the long position beyond T2! The wide-ranging candle prior to T2 is usually a good sign that a continuation move is in progress thus a good reason to hold onto the buy, and it is also the reason that Brad's sell at 90.11 was invalidated (as he mentions in his article). Congrats!

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