USDJPY near cycle end?
We can see possible pivot zone at price 111.5 almost matched with all time high and low Fibonacci 50%. It is like the magnet and support / resistance for the price. If we take the distance between previous major highs the ongoing time period of same 106 month going to an end in 2016-04-01. Market is not always unfold into same length periods, but we can see some symmetry in price and time on this chart.
As the possible reversal or beginning of the correction is the possible end of Elliott wave impulse pattern with in the wave (5) end at the strong resistance level at round price level 125.
In the fundamental perspective Japan have difficulties with economy growth and deflation as in the other hand US show steady growth. What suggests that past drops in price is just short term market fear sentimental correction and further continuation upside could follow.
For more detailed and more frequent ideas, reviews and analysis you can contact me here, on facebook or website.
Best wishes for new incoming trading year! ;)
As the possible reversal or beginning of the correction is the possible end of Elliott wave impulse pattern with in the wave (5) end at the strong resistance level at round price level 125.
In the fundamental perspective Japan have difficulties with economy growth and deflation as in the other hand US show steady growth. What suggests that past drops in price is just short term market fear sentimental correction and further continuation upside could follow.
For more detailed and more frequent ideas, reviews and analysis you can contact me here, on facebook or website.
Best wishes for new incoming trading year! ;)
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