Better to trade for quick profits until after the US election, unless the stock market starts to tank, at which point we would go with the longer term play in that direction.
EURJPY: Short-term traders who are short from the 11/02/12 recommendation, cover your shorts and look to resell on the next 75-120 pip rally, as long as the 240 and/or 60-minute trends are down. A break of 102.37 would likely confirm a 5-wave bearish decline, but may also complete this leg and set up for the 75-120 pip rally to sell into. See daily and 240-minute Euro-Yen charts below with the analysis.
SGDJPY: The predictive stochastics on this pair has crossed over to the downside and is within the SELL AREA provided by the automated Gartley BAT pattern that is bearish. The market will either sell off from here or make one last spike and then sell off. Looks like most markets are playing it tight until the US election results are in or very clear by early Tuesday evening. Not that it will matter who gets elected, unless someone wins by a shocking margin, which is not likely at this juncture. See daily SGDJPY charts below (second chart provides a close-up of the bearish Gartley BAT pattern).
USDJPY: COVER SHORTS at the market, since the decline has had low momentum and looks like it will rally 40-80 points from the low.
ACTION 1: BUY intra-day pullbacks as long as the 60-minute trend is up. Caution around 80.40 area were a downtrend resistance line is at.
ACTION 2: SELL AGAIN if the 80.15 low is taken out on the downside (80.15 sell stop to open), use 80.26 stop loss, move stop to break even at possibly at 80.05, cover 1/2 to all at 79.94 limit.
We may sell again at the end of this intra-day or two-day rally if we get another systematic signal at around the 80.40 area. See hourly Dollar-Yen chart below.
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