Top Trade Idea For January 22th, 2015 – USDJPY
By Mircea Vasiu on Jan 22, 2015 12:50:12 GMT
Another week, another bullish scenario for the usdjpy as I am still looking for the currency pair to make a contracting triangle in the and and this current move to the upside to be nothing but a zigzag.
The zigzag should be the d wave, then a small correction for the e wave and 122 will have no chance.
The thing is that this is a horizontal contracting triangle and we actually have a measured move out of it, or the thrust of it and it points to higher values than the current highs.
However, after new highs we should be careful on the long side as the triangle is a limiting one, meaning future price action is limited.
From the fundamental side, any QE out of Europe should be translated in to a bullish case for equities, hence helping the usdjpy on the upside.
It remains to be seen if markets will confirm this scenario.
About Mircea Vasiu
Mircea Vasiu has an MBA in International Business from an American University, graduating Magna Cum Laudae. He has been a professional trader for the last 8 years and is involved in various educational projects for different financial companies. He also runs a trading signal for the currency markets at www.capitalpropertiesfx.com.
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