Daily Forex Outlook: USD/JPY
The chart shows my working count for the movement started from 105.56. The fall is spectacular but I do not think that it is impulsive in nature. I labeled this movement as a corrective combination and if it is already over, one should expect at least 61.8 % retracement. With an eye on this idea I enter long. On the other side below today’s low will be a signal that the corrective combination will turn out to be triple corrective combination and further fall to 102.00 should be expected in such a case.
Trading strategy:11:24 EST; 16:24 GMT
Buy at market (103.05), stop loss - 102.55, target - 104.40
Confidence level - medium
Trading strategy:04:46 EST; 09:46 GMT
Short position from 104.33
Exit the short position at market (103.12) with profit 121 pips.
Stand aside for the moment
Karoll Financial House
This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts. This report will be updated every Monday, Wednesday and Friday on the next schedule:
- Daily EUR/USD Elliott Wave Outlook - Monday
- Daily GBP/USD Elliott Wave Outlook - Wednesday
- Daily USD/JPY Elliott Wave Outlook - Friday
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