Thursday, June 4, 2015

USDJPY to Pull Back Here

I've seen enough to call a top in the USDJPY for a short term trade. We had a nice bullish 4th wave triangle followed by a 5th wave thrust which is so far confirmed by divergence with the RSI. Look for the USDJPY to return to at least the apex of the triangle soon in the 124.30 - 124.40 area at least. There's still a lot of room to the downside after that if you trail your stop.

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