USDJPY

Thanks gclark25, if only I could live up to your high praise!

What do you guys think about today's candle on this pair? It's looking a lot like a shooting star but it didn't quite hit the 84.17 resistane and my orders (which were short of that level but over 84.00) didn't get hit (Grrrr!):



dl.dropbox.com/u/20815047/USDJPYdaily14_12_12.gif

I know we need to wait for close to see how today's candle closes but I'm wondering if the old round number reistance came into play here and the uptrend is complete?

Thoughts welcome...

Im waiting to see what happens when the next candle appears. If it does finish with a shooting star then will be closing my current longs if it goes below the shooting star.Also will look to short this half way up the shooting star with a stop just above.
Obviously its all down to how this finishes.

Once this finish above 84.17 we will have rounded bottom here with possible target about 91.10
or it may form another big cup and handle when we retrace a bit now.
Anyone see it the same way?

Target hit for cup and handle. Im now short.
The perfect trade.
I had a order to open a short at 84.16 Lucky for me this gapped above this and activated the entry automatic at 84.31 right at the high. Im making 40 points on this already and its now a free trade.Its currently 83.90.
For once the spread betting companies have done me a favour.lol
Im must say this currency has performed flawlessly .It respected the technicals perfectly.



dl.dropbox.com/u/4899609/usdjpy16thdec.png

I hope people have learned a lot from all the trades ive showed so far. As i dont do hindsite trading like many so called pros.
DYOR
remo

I had my orders in a bit lower at 84.09 and they also got filled at 84.315 due to the gap up (exhaustion gap?). For downside targets, given how well this has behaved, we should be looking at either the 38.2% or 50% Fibs:

Whoops! Must have clicked submit instead of insert...here's the chart I was going to attach:



dl.dropbox.com/u/20815047/USDJPYdaily17_12_12.gif

Interstingly, the 50% retracement is exactly at the 80.6 breakout point which was also the rim of a smaller cup and handle. This whole chart looks like a set of Russian cups and handles!