13 Sept 07
US Dollar vs Japanese Yen
Medium term trade.
TimeFrame = 4 Hours.
Signal = Buy Signal at Current Market Price.
Target Profit = 119.26 area for our first target profit.
Risk Reward Ratio = 5.0 +
This is a medium risk trade on taking advantage of possible wave iii impulsive trend.
Elliott wave Analysis :-
Our Elliott wave analysis point out that market has found a good support in previous low for a base of wave (ii) and now they are ranging before speedup to make a new top for elliott wave (iii).First target is at 161.8% of fibo at 119.26 further higher target may archived of USD/JPY have enough momentum to pass previous resistance.
Below are illustrated elliott wave pattern of ours :-
From: Elliot wave signal prognosis