Thread: Discuss the USD/JPY with a DailyFX Analyst
View Single Post
  #1647 (permalink)  
Old 08-05-2008, 05:18 PM
John Rivera's Avatar
John Rivera John Rivera is offline
Moderator
  
Join Date: May 2008
Posts: 124
John Rivera is an unknown quantity at this point
Quote:
Originally Posted by y_2008 View Post
Today's Fed's statement may be disapointing the market and USD will be sold for a while, pushing this pair down a little furhter, and then bouncing back again.

Now it may be in wave C targeting 107.50. I didn't have a chance to get short around 108.40. I do not like to leave an order overnight with tight sl, I can not sleep well that way. I am in Canada.

(Becareful, I am new in fx)

Edit: B wave could be a triangle. If this is the case, then we are still in B wave. I am thinking to get short below 108.15 with 15 pips sl or just at 108.20.

Edit: I will not put any trade. It's too risky at this special day before Fed's statement.
The Fed could pull a move similar to the BoE a few months back by being very hawkish in an attempt to maintain credibility with the markets that it does have its focus on price stability. Although oil has fallen, it is still up 20% on the year.
Reply With Quote