By: Fadi Steitie
Currency: USD/JPY
Trend Expected Direction: UP
Strategy: Elliott Waves and Fibonacci Trading.
Description: I do see a good opportunity to buy and hold the Japanese Yen at the moment. As we can notice in my simple chart that Flat correction is almost getting at its end with a motive wave C. I do expect a turn in trend once the last wave C reaches 1.618 Fib Level (as shown) at price level 76.316. If the wave was a larger ABC correction that comes after larger wave V or a new trend is unfolding, I do expect a bullish movement in both cases this week and the next. I will buy and hold the currency with a good price level at this point looking to sell it in a higher price.
Action: Buy and hold.
Target Area: Open
Stop Loss: 76.00
