Recommendation: TRADERS BUY
Current Trend: Short and med-term up.
Strategy: Buy at current levels for a short-term trade.
- The dollar/yen has a higher target (minimum) in place of 114.00, based on the height of broadening formation 3-4 projected up.
- That target will be near line 2 (114.36) of a large channel with line 1.
- Its Stochastic is turning up from an oversold level (bullish).
- Short-term traders buy the USD/JPY at current levels. Take half profits at 114.00 and the rest closer to 114.36 (line 2).
- Stop-loss is a close below 112.00. Then use a breaking of its prior one-day low as a trailing stop from 113.90.
To subscribe to more research by Colin please go to his website www.themarket.co.za
COPYRIGHT:
THIS NEWSLETTER IS TO BE READ ONLY BY CLIENTS OF GLOBAL TRADER. UNDER NO CIRCUMSTANCES IS IT TO BE SHOWN (OR GIVEN) IN PHYSICAL OR ELECTRONIC FORM TO ANY OTHER PERSON, WITHOUT THE PRIOR CONSENT OF THEMARKET.CO.ZA. FURTHERMORE, ELECTRONIC TRANSMISSION (EMAIL), REPRODUCING, AND/OR DISSEMINATING THIS DOCUMENT (OR PART THEREOF) IN ANY OTHER MANNER WITHOUT THE WRITTEN CONSENT OF THEMARKET.CO.ZA IS A VIOLATION OF THE COPYRIGHT LAW - AND IS ILLEGAL.
