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Friday, 2 October 2015

USD/JPY H4


General overview for 02/10/2015:
 The big triangle labeled as wave 4 purple might be completed (h4 chart), but on lower time frames the recent decline ) does not look too much impulsively to me yet, so it the triangle might last a little big longer. The alternative count indicates that wave 4 purple is acctualy that small, you can not see it here and the whole impulsive structure had been completed already.

Support/Resistnace:
121.26 - Wave e Top | Invalidation Level|
121.22 - 50 SMA
121.44 - 100 SMA
120.36 - Weekly Pivot
119.49 - WS1

Trading recommendations:
Stop loss orders for sell positions should be placed above the level of 121.26.
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