Update to the blog!

Hello everyone. It has been sometime since I have posted an entry in this blog. I apologize for doing so because I haven't been all free to post a new entry. The previous readers of my blog will know that I usually take screenshots from MetaTrader and post the links here to view. After discovering a new website called Trading View, I will be using charts from that website to showcase my trading plans.

That being said, let's move on to the technical analysis!

USDJPY

This pair has been rallying for the past few weeks and it seems like it is not stopping! On Tuesday (10/12/2013). the pair reached 3 December's high and retraced back to the 0.618 level before hitting a daily high of 103.908. The Yen then ended the week back around the 0.236 Fibonacci level of 103.221. Being a strong believer of Fibonacci retracement and extensions, I would say that this pair would continue its rally to the 1.618 Fibonacci level, which is still some distance from last week's closing. The projected take profit price would be around 104.740 (Fibonacci Extension Level 1.618).

Click here to view on Trading View.