Sive Morten
Special Consultant to the FPA
- Messages
- 18,648
USD/JPY Daily Update, Fri 05, November 2010
Good morning,
Yesterday market has closed below 5/8 Fib support nad shown DRPO Failure pattern. But, I can't exclude that JPY still has chances to show move up, because on 4-hour chart butterfly us forming with target around 84.50 area.
It' difficult to promise or recommend something before NFP release but I expect a bit better numbers, so may be it will help to move JPY a bit higher.
If you're conservative trader and traded DRPO, so you better stay flat. Price action on daily time frame is not impressive.
If you're bullish, you can try to take Butterfly, if bearish - you better wait for possible retracement up to enter, when Butterfly will reach it's target.
Good morning,
Yesterday market has closed below 5/8 Fib support nad shown DRPO Failure pattern. But, I can't exclude that JPY still has chances to show move up, because on 4-hour chart butterfly us forming with target around 84.50 area.
It' difficult to promise or recommend something before NFP release but I expect a bit better numbers, so may be it will help to move JPY a bit higher.
If you're conservative trader and traded DRPO, so you better stay flat. Price action on daily time frame is not impressive.
If you're bullish, you can try to take Butterfly, if bearish - you better wait for possible retracement up to enter, when Butterfly will reach it's target.
