Top trade idea for September 3rd, 2015 – EURJPY
By Mircea Vasiu on Sep 3, 2015 12:58:29 GMT
Looking to buy any dip below the 134 area as from my point of view what we’re seeing on the eurjpy pair is nothing but an impulsive move that ended around the 139 level and this means we should look for a correction.
Time element being respected, the correcting started and because we had a five wave structure for wave a, it means the b wave is nothing but part of a zigzag. However, it cannot retrace more than 61.8% and this means a bounce is expected.
Judging by the structure of wave a in red, which I would say it is a corrective wave, I am expecting a bounce for the b wave into the 139 area as part of a flat pattern.
ECB just announced an increase in the share limit for QE and this might be the move lower we need for the eurjpy to be filled.
A move bellow 132 should invalidate the whole 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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