Top trade idea for March 5th, 2015 – EURJPY
By Mircea Vasiu on Mar 6, 2015 07:43:06 GMT
Hunting the second wave of a falling wedge pattern and this kind of correction should take the most time in the whole five waves structure and, more importantly, it should break the previous lows.
This means we should see a move below the 130 level, where the previous 1st wave ends and it also means it should still be corrective.
From a fundamental point of view, I would say that the key for this cross will come out of the NFP release in front of us as any more higher in usdjpy above 121.80 should be sold and that should be the moment to sell the eurjpy.
This implies that the NFP release should be stronger than expected and, given by the employment component in the ISM non-manufacturing release, we may have an impressive report.
Stop loss should be 134.40 and take profit 127.50
It remains to be seen if market 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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