Throughout the rise from 85.719, price action were notably corrective in nature as the push higher appeared labored. Last week’s rise to 88.028failed to take out the 61.8% retracement of 89.666 to 85.719 at 88.158. Unlike the opening gap in AUD-USD yesterday, last Thursday’s gap down in NZD-JPY is a professional gap. What is means is that a sustained fall from 88.158is in the
TRADE IDEA #1 Sold at87.706 Sell between 87.640-87.783 Break-even Stop-Loss: Exit on H4 close above 87.783 Primary Target: 87.180 (Realized) Secondary Target: 85.881
USD-JPY charged to its highest level this year with a print at107.383 last Friday. Due to the public holiday in Japan on Monday, price action was muted. Based on near-term momentum, bias is resolutely to the upside. The immediate target is the 361.8% extension of 75.563 to 84.172 from 77.119 at 108.266followed by the 50.0% retracement of 147.680 to 75.563 at 111.637 (refer to D1 chart). Owing to the strong momentum, pullbacks are not expected to be deep and in this regard, the demand pocket at 106.630-106.709should hold. Any short-term 3-wave pullbackto this price bracketpresents an opportunity to re-position longs.
TRADE IDEA #1 Buy between 106.630-106.709 Stop-Loss: Exit on H4 close below 106.630 Primary Target: 108.200 Secondary Target: 111.637
TRADE IDEA #2 Buy between 106.027-106.146 Stop-Loss: Exit on H4 close below106.027 Primary Target: 108.200 Secondary Target: 111.637
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NZD-JPY Medium to Short-Term Outlook 17/09
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17-Sep 2014 Wednesday
8:28 PM (3510 days ago)
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