Quote:
Originally Posted by etarkum
Hi Brad, any reason why the USD/JPY should see a bounce to 102 in the next two days?? Would a drop to 95ish to end the week be an alternative, ofcourse nothing is guaranteed but just curious to know your reason behind an up move...
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Basically I'm eye-balling how the candles should line up on the weekly chart and from that alone I can say I don't think this week has the power to stay as low as it has gone without a substantial bounce higher first. I've seen this hanging man formation occour in other YEN crosses before those pairs ripped into the down side as well, so that also makes me confident that we'll see it here too.
Even if USDJPY can't get back up to 102.00-103.00 .. I say it's still going to come back up to around the 100.25 mark. The close of this week will be very important and will leave me with more to work with...
If I see this pair sitting around 102.35 - 103.00 on Friday right before the close I'll be plowing into short positions..
