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Wednesday, 4 December 2013

Yen Futures Index Daily

 General Overview for 04/12/2013:
The price is getting close to for a Dobule Bottom formation on daily chart and the golden trend line holds the price rallys. Any breakout is potentially bullish BUT confirmation comes only if green line is broken.
From EWP perspective it looks like there was a Triangle formation marked in thick green lines and now this could be last wave 5 to the downside. Breakout above the Monthly Pivot @ 0.9916 is secondary confirmation.

Support/Resistance:
0.9588 - MS1
0.9637 - Swing Low
0.9881 - Grenn Line Resistance
0.9916 - Monthly Pivot
1.0087 - MR1.

Trading Recommendations:
Buy the double botom scenario means: sell EUR/JPY, USD/JPY, GBP/JPY, CAD/JPY, AUD/JPY.

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