Daily Trading Strategy Reports - 480 Pips Profit on 3 Trades:

AUD/JPY (150 Pips), GBP/JPY (230 Pips) & NZY/JPY (100 Pips)



Daily Trading Strategy Report : AUD/JPY (150 Pips Profit)

Objective Met: Stronger corrective move is envisaged


Writtern by www.imperialFXonline.com

Time: May 6th 2010, 15:47GMT

Currency Pair: Aud/jpy
Rate : 83.30
Strategy : Target Met
Position : Short at 84.80
Objective : 83.30

Resistance levels : 86.55 / 88.08 / 88.90 / 90.00 / 91.31
Support levels : 83.27 / 82.81 / 82.49 / 81.72 / 80.83

  • Falling daily oscillators suggests downside pressure remains
  • Only a firm foothold above 87.00 suggests near term fall from 88.08 has ended


The selloff after being capped below 88.08 has pointed to a minor top formation last week and near term outlook for aud/jpy remains mildly bearish due to the yen's firmness across the board and falling daily oscillators, further losses towards daily level at 83.94 ahead of the 83.14-83.27 confluence is seen but reckon 82.49-82.81 support zone may limit weakness due to short term oversold conditoin and risk a moderate bounce later.

We have further lowered our sell entry to accommodate intra-day selloff. On the upside, only a firm foothold above 87.00 level would suggest this corrective fall is over and yield eventually re-test of 88.08.

Writtern by www.imperialFXonline.com



Daily Trading Strategy Report : GBP/JPY (230 Pips Profit)

Objective Met: Decline from 145.97 remains in progress


Writtern by www.imperialFXonline.com

Time: May 6th 2010, 15:28GMT

Currency Pair: Gbp/jpy
Rate : 139.10
Strategy : Target Met
Position : Short at 141.40
Objective : 139.10

Resistance levels : 145.22 / 145.97 / 146.40 / 147.23 / 149.87
Support levels : 138.13 / 137.36 / 136.66 / 134.56 / 133.92

  • Breach of 141.61 calls for a minor top formation at 145.97
  • Downside target now points to confluence at 139.36-139.39 ahead of 139.01


Gbp/jpy's penetration of 141.61 (Apr 27) yesterday points to a minor top formation last month at 145.87 and as this move is accompanied with the falling daily oscillators, outlook is turned from consolidative to bearish for a stronger correction of recent upmove towards confluence at 139.36-139.39 (previous resistance level and Apr 19 low) ahead of fibonacci retracement objective at 139.01 before prospect of a moderate recovery.

We have lowered our sell entry and only a firm foothold above 144.00 level would alleviates current downward pressure and risk stronger bounce towards 145.22 instead.

Writtern by www.imperialFXonline.com



Daily Trading Strategy Report : NZD/JPY (100 Pips Profit)

Objective Met: Stronger corrective move to follow


Writtern by www.imperialFXonline.com

Time: May 6th 2010, 15:09GMT

Currency Pair: Nzd/jpy
Rate : 67.05
Strategy : Target Met
Position : Short at 68.05
Objective : 67.05

Resistance levels : 69.34 / 69.73 / 70.30 / 71.01 / 71.69
Support levels : 67.01 / 65.91 / 65.65 / 64.49 / 63.01

  • Possible minor top formation at 69.37
  • Confluence at 67.01-67.08 is set to limit weakness


The retreat from this week's high at 69.34 due to yen's firmness across the broad on risk aversions is keeping price under pressure and downside pressure is seen for further losses towards 67.62 ahead of confluence at 67.01-67.08 (previous resistance and fibonacci retracement level) , however, a breach of latter level is needed to confirm a minor top formation and remove the near term bullish prospect for a re-visit of upper band of 59.90-69.73 broad range after consolidation.

We are lowering our sell entry on intra-day selloff and only above 69.37 would abort this bearish scenario and bring re-test of 2009 top at 69.73 ahead of 70.30.

Writtern by www.imperialFXonline.com


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Last edited by imperialfxonline; Today at 03:48 PM.