USDJPY buying dips after a FLAT correction

Hello fellow traders. In this technical blog we’re going to present another nice trading opportunity of USDJPY and we’ll explain the strategy in a few words. The video below is a short capture from the London Live Session 01/05/2017 held by EWF Senior Analyst Daud Bhatti.

USDJPY Trading strategy:

Our Elliott Wave forecast suggests USDJPY is still within bullish cycle from the 06.24.2016 low. We’re favoring the long side and suggesting buying the dips at 115.97-115.34 zone against the 114.34 level, targeting 122.00 – 123.00 area. As Daud explained in the video, once the price reaches 50 Fibonacci retracement against the B red peak ( 01/03), we should make our long positions risk free. In the mean time the pair has made another short term low per alt view. It found buyers again, made new bottom at 115.06 and reached proposed 50 fibs zone at 116.83. Whoever is long should be already in profits with a risk free position.

London Live Session 01/05/2017:

 

Keep in mind market is dynamic. If you’re interested in the future path of USDJPY , join us now. You can find Elliott Wave analysis in the membership area of EWF.  If not a member yet,  Sign Up for Free Trial now

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