USDJPY

This is back at the main uptrend support again today:



dl.dropboxusercontent.com/u/20815047/FTS...JPYdaily06_06_13.gif

Nice hammer on the usdjpy pair. entry half way down the hammer with stops below.
not for the faint hearted due to volatility.

dl.dropboxusercontent.com/u/4899609/jpyusd9thjune.png

Things are looking ugly. All kinds of support levels approaching. Somewhere around 92.50 could be a first port of call in what looks like a 5 way move down form the recent high.

dl.dropboxusercontent.com/u/7238706/USD_JPY.png

I am thinking the 9993/10000 level is a good level to go short for a first touch shorter term trade.

Previous S/R level's plus the 61.8% high to low retracement level and close proximity to a massive round number (10,000)

Short from 9977 with a 50 point stop and 100 target.

Based on analysis from yesterday. Previous S/R level & 61.8% fib from recent high to low (May - June move)

possibly preemptive, but I believe this could top here for the short term.

Hi GC25,

I know it's already past the 61.8% Fib so this could be considered a little hindsight analysis but I've been really short of time lately so couldn't post this yesterday sorry.

Anyway, I remember a poster on here by the nickname of Ki who seemed very good at FX trading and he mentioned the frequency that the 78.6% Fib gets played rather than the 61.8% Fib which we normally see in stocks. Bearing that in mind, my view on this pair is that it's either going to make new highs (could the last drop have been a wave 4?), or the place to short it is in the 101.59 area.

101.59 is the 78.6% Fib and also the area which would backtest the old uptrend support in a few days' time. The key for me is whether the daily RSI is at its resistance at the time the price gets to that level. If it is then I'll short it but if the RSI is still short of its resistance trendline then I think it'll make new highs. Here's the daily chart highlighting those areas:



dl.dropboxusercontent.com/u/20815047/USDJPYdaily02_07_13.gif