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  4. EUR/JPY Signal March 29, 2012
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EUR/JPY Signal March 29, 2012

By Fadi Steitie
Fadi Steitie
By Fadi Steitie

Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals with DailyForex.com based on his keen understanding of the market. His favorite pair is EUR/ USD because almost 40% of traders trade this pair and it does match most of his pattern recognition strategies. He is an expert in Elliot Wave principles as well as Ichimoku Kinko Hyu which he is currently researching. So far he has not seen many English translated books about this method of technical analysis, however he is continuing to read about it and believe this method has as much to give to traders like the Elliot Waves method does. Fadi is looking for the magic behind this principle even though many do not research this trading system.

By: Fadi Steitie

Currency:EUR/JPY
Trend Expected Direction: Down within a falling channel.
Method: Elliott Waves and Fibonacci Trading.
Description: It looks like a final motive drop in a regular flat correction heading to complete larger wave (C). Final wave looks a bit complex in technical as wave 4 within 4 within (iii) is in progress. I expect further drop to be in place for larger wave (C) which expects to end at 105.560. I suggest traders to sell and hold position. Trend is expected to bounce at 0.318 (109.870) and fall to (109.380) for minor 5 of (iii) as shown on chart!
Recommendation: Sell and hold
Target Area: Open toward 109.400
Stop Loss: 111

EUR/JPY Daily 3/29/12

Fadi Steitie
About Fadi Steitie

Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals with DailyForex.com based on his keen understanding of the market. His favorite pair is EUR/ USD because almost 40% of traders trade this pair and it does match most of his pattern recognition strategies. He is an expert in Elliot Wave principles as well as Ichimoku Kinko Hyu which he is currently researching. So far he has not seen many English translated books about this method of technical analysis, however he is continuing to read about it and believe this method has as much to give to traders like the Elliot Waves method does. Fadi is looking for the magic behind this principle even though many do not research this trading system.

 

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