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Valid Second-Chance Opportunity in USD/JPY

Valid Second-Chance Opportunity in USD/JPY

2014-01-21 17:30:00
Todd Gordon, Technical Strategist
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Last Friday (January 17), we set up a long USDJPY trade against an Elliott-wave-two corrective support at 104.00. (See “A USD/JPY Trade That’s Ideally Validated.”)

Guest Commentary: Second-Chance Opportunity to Buy USD/JPY

Valid_Second-Chance_Opportunity_in_USDJPY_body_GuestCommentary_ToddGordon_January21A_1.png, Valid Second-Chance Opportunity in USD/JPY

UDSJPY has since completed its wave-two pullback at 103.85 and has begun pushing higher from our 104.00 long entry in a third-wave rally. Those already involved in the trade from our original entry should now adjust stop losses to 103.95.

Those who missed the initial opportunity, however, can look to re-enter long positions into the retracement following the move higher from the January 19 low of 103.85. Specifically, the wave-two corrective support levels are the 61.8% retracement at 104.19 and the 78.6% retracement at 104.04.

To capitalize, look to buy USDJPY at 104.20 with stops at our newly adjusted price of 103.95. The first of two potential targets for this trade resides at 105.00.

By Todd Gordon, founder, TradingAnalysis.com

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