Jan 22: USD JPY Situation

Original trade idea is available at:
http://cmellon-deltatrading.blogspot.com/2010/01/jan-13-usd-jpy-trading-plan.html

The move from MTD 7 (93.7) to the low of 89.78 today is in 15 days. In the last cycle, the MTD 7 to 8 move was also in 15 days. From Delta perspective, turning point can happen at any time now, including today. Although I said that I am targetting between 50 - 61.8 fib as  the most likely price reversal point, the target may not be reached and turning point may happen at any time now.

Below is the Ichimoku chart

Chikou span gets a support at the cloud (at 89.78), and it's also the low of the parallel trend line channel. Technically speaking, this could be the point of reversal too, although again not yet confirmed, and Delta still allows for a few more days for MTD 8 low to arrive.

Below is USD JPY Delta MTD chart:

As I said in the beginning of this post, the move from MTD 7 (93.7) to the low 89.78 today is in 15 days. In the last cycle, the move from MTD 7 - MTD 8 was also in 15 days. Again, although there's no confirmation yet for MTD 8 low, it could be IN today from Delta's perspective. If we consider that MC3, MC4, and MC5 are all IN at 85, there's also a good chance MTD 8 low would arrive earlier.

Keep monitoring and be on the lookout for this pair.