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CURRENT MARKET TREND: Up 5/27/16 @ 2090
Stop-loss 2026

Thursday, February 27, 2014

USD/JPY Currently Long

I am currently long USD/JPY and have two options on the charts, both of which are bullish.

The first chart shows the A wave up, followed by a B wave, then a series of 1,2's up. This count is more bullish, but I still don't expect the pair to trade a new high over the January 2nd high.


The second more probable scenario is an A wave up and we're currently in a B wave triangle.

That would take us to the 102.60 area. I have my stop-loss set at 101.50 because forex has a tendency to over-run the C wave low a touch on triangles.

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