11 days of mixed trading in USDJPY. What’s ‘going down’?

FX:USDJPY   U.S. Dollar / Japanese Yen

In the immortal words of Salt-N-Pepa ‘Let’s talk about stocks, baby!’

Nothing seems to be able to keep stocks indices down. Trump has sent the war cry as he enters a new election campaign (I have had to scroll back for 5 minutes through only two days of tweets to find it!)

‘ The Trump Economy is setting records, and has a long way up to go....However, if anyone but me takes over in 2020 (I know the competition very well), there will be a Market Crash the likes of which has not been seen before! KEEP AMERICA GREAT’

European Stocks have also seen a surge this morning with Draghi hinting that he is open to rate cuts


We talk about a ‘flight to safety’ a lot with currency traders buying safe haven currencies such as the Swiss Franc (CHF) and Japanese Yen (JPY). The most volatile of the YEN crosses being AUDJPY . I find USDJPY a great gauge

Monthly – There is little to take away from this chart. We have broken the channel formation to the downside, but the move is anything ‘but’ impulsive. A full AB=CD formation target is seen at 92.00, just below the 61.8% fib @ 94.77

Daily – Looks to have completed a 5-wave count to the upside ( Elliott Wave ). A full AB=CD formation target is located at 107.37. This is just below the 61.8% retracement level at 107.60 (from 104.64-112.38). We consider this as prime target/support.

Intraday (4-hours) – Mixed trading for the last 9 (trading) days has resulted in a channel formation (corrective). The channel top is seen at 108.98. With that being close to bespoke resistance at 108.87, we prefer to sell into rallies for the next drive lower

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