Thread: (170 Pips Profit) Daily Trading Strategy Report :

Objective Met: Resumption of downtrend after penetrating 119.65 (170 Pips Profit)

Writtern by www.imperialFXonline.com

Time: May 6th 2010, 15:25GMT

Currency Pair: Eur/jpy
Rate : 118.30
Strategy : Target Met
Position : Short at 120.00
Objective : 118.30

Resistance levels : 122.37 / 123.37 / 125.46 / 126.30 / 127.90
Support levels : 116.98 / 115.98 / 114.90 / 114.00 / 113.17

• Breach of 121.06 pivotal turns outlook bearish
• Only above 122.37 suggests further choppy trading

Increase of risk aversion is keeping eur/jpy under pressure these days and the penetration of pivotal at 121.06 (Mar 22) has called for an end to the correction from February low of 119.65 at 127.90 earlier, downside pressure for a re-visit of this support remains and a breach of this level would confirm medium downtrend from 2009 top at 139.23 has resumed and further losses towards fibonacci projected objective at 118.96 ahead of 118.00 would follow.

Our short position has been filled and the stop can be moved to break-even following the intra-day selloff. On the upside, above 122.37 (previous support) would suggest further choppy trading inside the 119.56-127.90 range and risk stronger bounce towards 123.37.


Writtern by www.imperialFXonline.com

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