Top trade idea for June 2nd, 2015 – USDJPY
By Mircea Vasiu on Jul 2, 2015 10:26:45 GMT
Here we are ahead of the US jobs reports and US dollar is on a tear higher virtually against everything and positioning seems to be extreme ahead of the event.
I would still favor the downside on the usdjpy pair as with current gap over the previous weekend an important support level has been broken and like it or not it opens the gates for a move well below the 120 level.
It may be that the trigger would be Greece and not the NFP, but that is not that important after all. What is important is to watch for a break below 122 now as a clear move below is what this bear market needs.
From an Elliott point of view, I am looking for a complex correction to come after a double extended impulsive move for the first wave and then an extended third wave to start.
Therefore, I am favoring the short side with 119 in view while invalidation level would be a move into the 125.50.
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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