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Looking for a Long Fill in the USD/JPY
By Todd Gordon | Published  09/12/2006 | Currency | Unrated
Looking for a Long Fill in the USD/JPY

We have been triggered long in USD/JPY at 117.95 after the 118.10 failure. The previous 30-point retracement projects the current decline to end at 117.82. We have seen a 117.79 low bid this afternoon with our current stops at 117.70. The 61.8% retracement falls in at 117.71, so considering the spread, we should place our stops at 117.65.

The EUR/JPY failure in progress at 149.80 double top is weighing in on our USD/JPY long trade. Move your stop down to 117.65, but don't get too comfortable with trade as USD/JPY is awfully extended and might require a deeper retracement before we see 118.40.

We missed getting filled long USD/JPY at 117.35 by about 5 points as the market trades 117.90. But as you know, commanding solid entry prices brings the risk of missing the good trades into play, but when it comes to trades that are stopped out, it's more than worth it.

USD/JPY is flirting with July highs of 117.90 and should we see break, the upper end of parallel channel should intersect the 1.618 Fib Projection of A-B-C to D2 at 118.37. Let's try to get long USD/JPY at 117.95, only after 118.10 trades, with stops at 117.70. Look to take partial profit at the 118.35 level and trail your stop on the balance to original trade cost.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

Disclaimer
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.