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Clive Lambert - FuturesTechs
Clive Lambert of FuturesTech explains why he is long the FTSE 100 Index. Lambert is buying at 7270 and adding down to 7250. His stop is at 7225 and targets are at 7330, 7375, and 7450.
Day trade
Trade view / 11 August 2016 at 7:13 GMT

USDJPY building a base?

Analyst / PIA First
United Kingdom
Instrument: USDJPY
Price target:
Market price:
Background

Stocks open higher this morning and it looks like USDJPY could make a recovery to the upside. A break of the intraday formation is needed to confirm the view. This is what we are seeing:

Monthly: Posted inside bars close to solid support at 100.00. This is not only a Big Figure but also a possible right shoulder in a large bullish reverse Head and Shoulders pattern. 

USDJPY M
Source: Saxo Bank

Weekly: Completed a bearish Elliott wave five count. We are now holding close to the 261.8% extension level at 100.44. Doji candle last week highlights indecision. This week is yet to close. Elliott wave dictates that we should at least see a correction to the upside now. 

USDJPY w
Source: Saxo Bank 

Daily: Highlights a channel formation. Inside this pattern, the trend of higher lows has held overnight. There is nothing that clearly shows a change of trend yet. 

USDJPY D
 Source: Saxo Bank

Intraday (15 minutes): It is not until we drill down into the 15-minute timeframe that we see a possible reversal formation in the way of a double-headed reverse bullish Head and Shoulders pattern. It should also be noted that DeMark has posted a 12 count on the hourly chart. A 13 count highlights exhaustion so buying close to 101.16 could offer a great risk/reward trade. We prefer to but the break at 101.50. The measured move target would be 102.05.

USDJPY 15

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Source: Saxo Bank

Parameters

Entry: buying a break of 101.50.

Stop: 101.20.

Target: 102.05 (intraday), 111.40 (medium-term).

— Edited by Michael McKenna

For more on forex click here.

Non-independent investment research disclaimer applies. Read more
11 August
Dj TinTin Dj TinTin
lets hope its about time we had some upside trend
11 August
FXWAY FXWAY
HI TRADER can you tell me today usdjpy trend upside...?
11 August
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
yes ... buying a break of 101.50
11 August
Dj TinTin Dj TinTin
will we see any rally above 103.00 on us data later Ian ?
11 August
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
I doubt that far... only minor data releases today
11 August
Dj TinTin Dj TinTin
I'm long till end of Aug so was hoping for some movement to the upside , thanks for the info mate
11 August
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
you are more than welcome :-)
11 August
FXWAY FXWAY
I Am Waiting Long Time I happy Today USDJPY MOVE BUY SIDE ....
11 August
Dj TinTin Dj TinTin
LOL
11 August
Paul Sumner Paul Sumner
Great call Ian, thanks.
11 August
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
thanks Paul ... needed one !!

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