Jamie's Pick: 02/17/11
I wrote yesterday that “with the rally from 8309 (composes wave 5 of 3) in 5 waves, the probability of a pullback in wave 4 is high. 8300/13 is support.” The USDJPY has reached Elliott channel support so expectations are for a low. Price should remain above 8250 (wave i high). I like the long side with a stop under 8250 - the stop will be moved up as the market allows.
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