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August 1, 2018 | USD/JPY 240-min View – Setting up for another short trade?

Jack has over 20 years experience in the currency, equity, and futures arena. He is an investment advisor who has held key positions in brokerage, money management, trading, and research. Jack is founder and president of Black Swan Capital LLC. He was also founder of Ross International Asset Management (specializing in global stock, bond, and currency asset management for retail clients) and General Manager of Plexus Trading (specializing in currency futures and commodities trading).

View: Corrective rally in Wave 2.

USD/JPY 240-min [last 110.44]:  I am labelling the low at 110.61 as a completed five-wave sequence; thus, we are now in the midst of a sharp Wave 2 retracement rally with an optimum target to 112.07-19 before reversing for a sharp and deep decline in Wave 3 of (C) of [2] to 107.87 (106.82 alternate target).

Key Resistance: 112.19 Support: 110.61

Strategy: Looking to get short for a push down toward 107.87.

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August 1st, 2018

Posted In: Black Swan Currency Currents

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