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.
Currency: USD/JPY
Trend Expected Direction: Up
Method: Elliott Waves and Fibonacci Levels
Description: The art of pattern recognition in technical analysis shows a double Zigzag corrections marked be x have created a double bottom just on 0.764 Fibonacci level in comparison to previous wave (I). A falling Zigzag followed by a flat double and one more leg should complete the pattern.
Recommendation:Buy
Target Area: 79.00
Stop Loss: 77.55
