Top trade idea for June 9th, 2016 – USDJPY

Top trade idea for June 9th, 2016 – USDJPY

By Mircea Vasiu on Jun 9, 2016 10:53:44 GMT

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Going against the general trend here with the USDJPY being at a dynamic support given by the channeling component of a double combination and the only logical thing is to try a long trade from current levels with 104.66 stop loss and around 112 take profit.

I know the late NFP number was hurting the dollar but the reality is that after wave a in purple ended we’re in a leg of a contracting triangle, the b wave, that needs to go and hit the opposite side of the channel.

There’s no minimum or maximum retracement for it, but this a-b-c in red should only be the first part in what seems to be a complex correction for the b wave of a bigger degree.

Therefore, look for equities to be supported as well and I won’t be surprised to see all-time highs for DJIA and SPX sooner rather than later.

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.

Recent posts by Mircea Vasiu

  • Top trade idea for November 17th, 2016 – EURAUD
  • Top trade idea for November 10th, 2016 – GBPCHF
  • Top trade idea for November 3rd, 2016 – USDCAD

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