Chart of the Day - Usd/Jpy

Daily Forex Technicals | Written by TheLFB-Forex.com | Aug 15 08 01:39 GMT |

Usd/Jpy Swing Change? Momentum on USDJPY has turned strongly bearish, providing a high-probability setup for short-term, swing, and position trades: Price has failed to break 110.40 three days in a row Confirmed completion of a bullish ABC correction in both the daily and weekly timeframes Potential completion of W.4 in both the daily and weekly timeframes Both weekly and daily momentum oscillators have made a bearish reversal, indicating that price has reached a high lasting several days or even weeks Look to the emerging w.5 to signal that the market has sold this short, at that time there may be a pullback to test the resistance at 109.05-109.30. The main area above that to hold is 110.50, with downside support in three areas, 107.10, 103.15, and 101.78. Larger-time-frame support looks to be at 99.55, 97.86, 95.90, 92.90, 86.80. If it does move lower the market may be looking to trail their stops at the previous session's swing high, that will be interesting to monitor This Elliott Wave theory as presented by William Sims. William brings his view of wave counting and applications to the major pairs using the weekly, daily and sixty minutes charts combined with a Stochastic Oscillator. The end result being a clear read on market momentum. Written by TheLFB Trade Team, © 2007-2008 LFB Services, LLC. All rights reserved. http://www.TheLFB-Forex.com TheLFB Risk Disclaimer can be found at http://www.thelfb-forex.com/content.aspx?id=174. The Copying, Broadcast, Republication or Redistribution of TheLFB Content is Expressly Prohibited Without the Prior Written Consent of LFB Services, LLC.