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USD/JPY and AUD/USD: One Opportunity Ends, Another Begins
There are LOTS of forex opportunities out there. You cannot possibly catch them all, but it's worth trying.

By Vadim Pokhlebkin
Fri, 09 Nov 2012 20:15:00 ET
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When you stop looking at the markets as random and consider that there is an order -- a pattern -- to the way prices move, spotting market opportunities gets a whole lot easier.

On November 6, here's the pattern that stood out in USD/JPY charts to the editor of our forex-focused Currency Specialty Service, Jim Martens (excerpt):
USDJPY (Intraday)
Posted On: Nov 6 2012 2:49PM ET / Nov 6 2012 7:49PM GMT
Last Price: 80.412
[Turning lower] USDJPY has retraced 61.8% of its decline from 80.680 in 3 waves... Look for a decline starting from current levels that carries below 79.956. A breach of 80.110 will signal the decline is underway. -- Jim
Here's a quick breakdown of that analysis. See how, on November 6, USD/JPY was finishing a rally that consisted of 3 legs (or waves). In Elliott wave analysis, 3-wave moves are corrective -- and expected to be completely retraced. Moreover, the rally had already retraced .618 of the preceding decline -- a common ending Fibonacci price target for corrections. An opportunity to turn bearish was at hand, and Jim knew it.
Here's what a chart of USD/JPY looked like three days later, on November 9:
As you can see, not only did the expected decline erase the entire 3-wave rally into the November 6 high -- but it also went much, much lower, hitting Jim Martens' downward price targets along the way.
Here's what Jim wrote in a November 9 Currency Specialty Service intraday update (excerpt):
"There are times an opportunity is present and clear. In USDJPY the rebound to 80.460 and the triangle just beneath 80.000 are recent examples. We caught both. USDJPY does not present an opportunity here. If you're already bearish from higher levels the job has switched to managing risk.
"If you're on the sideline, it may prove wise to stay there and wait until the next opportunity, maybe Monday. -- Jim"
Speaking of opportunity, Currency Specialty Service covers 11 forex pairs. Here's what Jim wrote in a November 9 intraday update for AUD/USD:
"Just as an opportunity in USDJPY is ending, AUSUSD steps up. Based on the 5-wave rally from 1.0331, we anticipated a downturn -- and the reversal sequence from 1.0482 signal the reversal has occurred."
You can get the exact price targets, complete analysis, and 24-hour updates as your markets trade inside Currency Specialty Service right now. 

There are LOTS of forex opportunities out there. You cannot possibly catch them all, but it's worth trying.

Wherever in the world you live, whatever hours you trade, Currency Specialty Service is there for you 5 days a week, 24 hours a day.
You get updated on significant Elliott wave and other technical events -- all to help you make smarter trading decisions.




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