Target Trading: USD/JPY Bearish Bias
Scott Barkley | May 10, 2014 10:35AM ET
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting at 1.3755 after massive stops were run over on Friday (square up day). We said this last week “… this could turn bearish in a heartbeat”. The break back into the former downtrend suggests a continuation to the S5 at 1.3617 with a stall at 1.3665-72. The average daily true range (ATR) for the pair currently is now down to only 51 pips.
USD/JPY
What ProAct Forex Target Traders See: We are currently at 101.81 in a large sideways market. The triangle ( and maybe eventual bear Flag) confirms the bearish bias and we are now looking to end this correction and do wave three to the downside. A break of the 101.50 area and we will look to the S5 at100.37 next week. The average daily true range (ATR) for the pair currently is 55 pips.
GBP/USD
What ProAct Forex Target Traders See: Cable is currently sitting at 1.6851 and in a big correction. We said last week …” A break higher targets the 1.618 Fibo at 1.6979”. Will wait to see what the pair does at the day chart bottom. The average daily true range (ATR) for the pair currently is 66 pips.
AUD/USD: A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is at 0.9358 and at the end of a 4th wave correction. We are looking for a continuation up to the R4 at 0.9436 to finish 5 waves. W should see a reaction to the downside there-maybe back to the day chart trend wall. The average daily true range (ATR) for the pair currently is 63 pips.
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