As the rally in US stocks continue I taught it would be a good idea to look at the USDJPY since it has been getting beat on in the last few months due to the strengthening of the Japanese Yen. BOJ has introduced negative rates to cause devaluation but that is not working. Going back to Technical Analysis, we can see some support levels that USDJPY is approaching....
Selling has accelerated in April. Expecting that to continue.
I don't see this rising above 109 in the near future.
Let's look how long the sharp downward channel holds.
With a major structure level at 115.561 being broken USDJPY appears to be very bearish in the upcoming weeks and months. With the implementation of negative interest rates, and break in support USDJPY is likely to revisit the 110.00, 105.00 and potentially 100.00 levels.
Hello Traders,
We have 3 Wolfe Wave's here that I want to take a look at.
1. The first Wolfe Wave on the left completed in late 2014 at the 1-4 target line.
2. While the first Wolfe Wave was carving its path to the 1-4 line. A second Wolfe Wave formed. Here we created a 5" structure with the Geo's Off-Set Rule #3 at point 3.
3. The final Wolfe Wave was...
USDJPY appears to want to continue down
However, we might have some momentum early in the week for a strong dollar. NFP will be out this Friday and it could be negative for the USD
We also might have some negative news coming in from japan on Thursday that could weaken the yen.
I will wait for a break of structure to the down side and then look to short.
CURRENTLY IN A RANGE, LOOKS LIKE A WEDGE; WILL TAKE A SHORT NEAR THE TOP AND HOPE IT BREAKS OUT TO THE DOWNSIDE; I WILL TARGET NEAR BOTTOM OF THE CURRENT RANGE
This trade analysis is part of my diary. Please let me know if it was helful but also your suggestion for improvements
Price is approaching resistance levels around 114. levels. I expect price to return to 112.8 levels before continue its way up.
At 114 levels there is a resistance and weekly R1 pivot point. Stochastic is overbought and currently riding 21 EMA...
The US Dollar fell to a four-month low last week with prices testing 94.50 support on dovish FOMC meeting. But prices managed to reverse their losses with the Dollar Index posting steady gains, for the most part, this week. Prices rallied for nearly four consecutive days after falling to the 94.50 support.
The gains in the US Dollar came about as various Fed...
This pair we took a short on monday and we got stopped out. The pair then continue toirritate the seller up to112.89 area before giving up. The price action we have seen since then is pretty clear, price currently trading below 112.48 which is a strong indicator for us that buyers are now scrambling out of this pair. A break below 112.14 will be more telling as...
