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
Method: Elliott Waves
Description:Technically speaking, Divergence in RSI followed by 1.618 Fibonacci level at nearly 81.287 price point. I will target a falling correction to 0.382 Fibo at 80 level as a market reaction to wave five. I will trade only a small lots at this cycle due to its expected pattern risk.
Recommendation: Sell & Hold
Stop Loss: 82 for now
Target: 80
