USDJPY

Despite my earlier stated intention re the RSI, I've gone short on this at the 78.6% Fib and previous uptrend support on the basis that there are those 2 levels of resistance AND the bearish wedge form of this rise. Tight stop just above 101.63 just in case:



dl.dropboxusercontent.com/u/20815047/USDJPYdaily08_07_13.gif

PS It could either be a wave 2 up, wave B up or a failed 5th. Or, of course, some bullish option yet to play out

this is the only entry I am not happy with at present as I should have been short at the beginning of the week. however with news etc. it was always a risk, so now have a short to see if we can retrace the main upthrust.

dl.dropboxusercontent.com/u/7238706/JPY%20Spot.png

I think you're correct Nev.That's how I see it.
Thanks for posting: I thought the whole World had gone on vacation due to the lack of posts

would be amazing if we can get below the swing low as there are going to be a tonne of stops there, probably the biggest amount since I started trading. Though I would expect the move to be sharp and pretty short before resuming up for wave 5

Long @ 99.250
SL is 80 points