RE: [OpenFX] EURJPY: A Buy?

Hi Peter,

I'm watching the 115.00 level (near term weekly resistance). The next target is old support near 120.00 (Feb 2010 low), then the 128.00 level, where's there's lots of support (new resistance) from 2009-10. We'll have to see if the pair is going channel near 115.00.

Be well,

Clay

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-------- Original Message --------
Subject: Re: [OpenFX] EURJPY: A Buy?
From: Peter McIntyre <mcpetetrader@yahoo.com>
Date: Tue, March 01, 2011 6:29 pm
To: OpenFX@yahoogroups.com

Clay,

Nice, i like hunting... 1st target after the pullback at 128.13 about the 1st of August?

Peter

--- On Tue, 3/1/11, clay@claymarafiote.com <clay@claymarafiote.com> wrote:

From: clay@claymarafiote.com <clay@claymarafiote.com>
Subject: [OpenFX] EURJPY: A Buy? [1 Attachment]
To: openfx@yahoogroups.com
Date: Tuesday, March 1, 2011, 9:49 AM

Hi Traders,

Is the Carry Trade back? For those who have been trading for more than five years, you might remember how the EURJPY and GBPJPY performed in this trade. In a word, it was "good". The attached chart shows how the EURJPY completed a long move down (Elliott 5 waves) and has broken a key trendline. As a longer term play, one might to consider buying this pair as it retraces part of the downside move.

Just a heads up. If you have questions, feel free to ask!

Cheers,

Clay