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I am currently working as a Market Analyst at the Trinidad and Tobago Unit Trust Corporation. I was previously responsible for the TTUTC Universal Retirement Fund. I am a graduate from the University of the West Indies with a Bsc. in Actuarial Science. I am currently completing the CMT... More
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  • CTA 20-Oct-13 USDJPY 0 comments
    Oct 20, 2013 6:01 PM | about stocks: FXY


    (click to enlarge)


    USDJPY completed a 5-wave impulse pattern with Wave i ending @ 99.021 on 17-Oct-13. Wave ii is estimated to have ended on 18-Oct-13 @ 97.561. USDJPY is now in the wave iii pattern which is expected to end near 100, assuming equality with wave i. RSI is showing a positive reversal, with a target of 98.19. Fast Stochastic is also in oversold territory. This view will be invalidated if USDJPY falls below 97.561.

    Trade idea

    Buy USDJPY @ market (97.847) with a stop @ 87.561 (0.29% loss) and targeting 100 (2.2% gain). Reward/risk = 7.586. If USDJPY goes past 98.19 it is recommended to move stop loss order to break even.


    The 5-wave impulse USDJPY completed was a c-wave. USDJPY is now in a 3-wave a-wave, which is expected to end near 96.50. It is too early to determine whether this a-wave is a zigzag or a flat. It is assumed the (a) wave is completed and we are at the beginning of the (b), which is expected to end between 99 and 98.50. The MACD is negative and is trending lower, however the Fast Stochastic is oversold and the RSI is showing a positive reversal. The view will be invalidated if USDJPY falls below 97.561.

    Trade idea

    Buy USDJPY @ market (97.847), with a stop @ 97.561 (0.29% loss) and targeting 98.50 (0.67% gain). Reward/risk = 2.31.

    Themes: Yen, USDJPY, Japan Stocks: FXY
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