Usd/Jpy, Bullish Target at 98.88, Oil, Still Below $73
Usd/Jpy, Bullish Target at 98.88, Oil, Still Below
Usd/Jpy, Bullish target at 98.88
4 Hour Chart trend: Mixed. Main price points: 91.74, 94.35 and 98.88. Looking for: Wave C, or III
Yen is trading higher, after a bullish Wall Street close on Friday, in response to the NFP report. We are looking for a near-term bullish wave count with wave C or III in progress, after the market broke through the red wave I/A highs. Traders should be looking for a possible move up, near to the 98.88 target area, so long as the wave II/B, 94.35 low holds.

Oil, Still Below
Weekly chart trend: Long. Main price points: , and 73. Looking for: Wave 2).
Oil bounced from the trend-line resistance area, where per barrel appears to be the top of wave 1) followed by the current, corrective wave 2). We are looking for the sub-waves of a new up-trend, as red wave B is completed at per barrel. This support area needs to holds in the coming months and years, while wave C develops. Stochastic indicators are also in a pull-back mode, which may suggest a turning point in the coming weeks.
The 38.2% Fibonacci level may already be the bottom of wave 2).

Daily chart trend: mixed. Main price points: 58.30, and 73.27. Looking for: Break through 73.27
Oil prices on a daily chart are still below the wave 1) top; .27 per barrel, which means that there are two possible scenarios. The first one is that wave 2) is already completed around 38.2% of wave 1), at .33 per barrel, which means that a break through wave 1) highs is expected.
If the break of 73.27 does not soon happen, then it may also be the case of a more complex wave 2), which means that a turning point into another leg down, below 58.30 is also one of the valid scenarios. Traders should pay attention to a bullish move if the 73.27 area fails or on a more complex wave 2) if the 58.30 support gets broken.

4 Hour chart trend: Mixed. Main price points: 58.30, 62.64 and 73.27. Looking for: Two wave counts
On the four hour oil chart, the price structure is still very tricky, since prices have not broken the 73.27 resistance area yet. As such, there are two possible wave counts shown below that are valid.
Wave count #1: The first one is a bullish wave count with a completed black wave 2) at the 58.30 zone, followed by an impulse structure that should lead prices much higher during the next few weeks and months. If this is the correct count then the 62.64 lows must hold, as an extended red wave III is developing with a black sub-wave iii in process.

Wave count #2: The second wave count is signaling for another leg lower in the coming days for a more complex correction in a black wave 2). We are talking about wave C that should fall down below the 58.30 wave A support before wave 2) can be completed. If this is the case then the current wave B and the 73.27 highs must hold.

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