The pick of the day is USD/JPY. I entered a brand new buy position at the 50% Fibonacci level at 100.969 last Monday, and have been enjoying watching the ride up. Right now the pair is dancing upward inside the Ichimoku cloud trying to reach the upper band, and also approaching the middle band of Mr. Bollinger. This morning alone the pair jumped up around 30 pips when they found out that Janet Yellen, our new Federal Reserve chairman strongly supported current policy and said measured QE tapering will be continued.
On the Weekly dance floor, the pair seems to have just started forming wave 5 of the Impulsive Elliot waves, which if confirmed, could take the pair back up to the 104 area and above.
Daily support is seen at 100.991 and 100. Resistance levels are 103.330 and 105.462.
Stay tuned for more updates and if you feel like you’re lost in translation with this report, come one over to InvestDiva.com and check out our straightforward and easy education program.