Japan
NI225 Japan recovered lost decades; retested H&S & lower channelNikkei 225 have finally recovered from the lost 3 decades. It BO & retested the neckline of a BIG H&S
Pattern stretching almost 3 decades from 1992 to Dec2020.
It also retested the lower side of a big upchannel, rise up to be rejected by the median line of channel.
It has to hold the strong yellow support zone at around 27000 to be bullish enough to break through median.
However, it may still go down to retest the green zone near 25175, or lower channel/neckline, before a true rally may begin.
Not trading advice
EURO selling pressure against YENFX:EURJPY
The uncertainty of the peace agreement between Russia and Ukraine, still weakens the euro against the yen.
Japan's inflation increase of 0.5% in February 2022 to 0.9% indicates an economic movement in accordance with the Japanese government's desire to achieve the inflation target.
The au Jibun Bank Japan Manufacturing PMI increased to 53.2 in March 2022 from a final 52.7 a month earlier, which was the weakest growth since last September, signalling a moderate improvement in the sector, amid declining Covid-19 infections, preliminary data showed. Output returned to expansion territory, albeit only marginally, while new order growth eased to the softest in six months, with slowing in new export order growth. Meanwhile, supplier delivery times lengthened to the greatest extent since April 2011, amid material shortages, notably semiconductors. Purchasing activity growth accelerated, while the rate of job creation slowed, with the rate of backlog accumulation softened. On the price side, input price inflation accelerated to the fastest since August 2008, due to higher energy, oil and semiconductor prices. As a result, output price inflation accelerated. Finally, business confidence remained positive. source: Markit Economics
EURJPY AIMS HIGHER DESPITE CURRENT PAUSE - ELLIOTT WAVE ANALYSISHi Elliotticians.
Current corrective price movement on the hourly chart of EURJPY is a sign that market is in a pullback, and that prices may trade slower for a bit, before the upward price activity may resume.
A shallow correction can be underway, labelled as an W-X-Y move, which can find support at the lower parallel channel line. If price suddenly recovers in impulsive fashion and above the upper paralell channel line and later above the high at 137.57 level, then this would confirm a completed correction, and a bullish advance. However if price starts to trade lower then a deeper correction can be underway, and in that case support for the EURJPY pair can be seen at the Fib. ratio of 0.382 or 0.50 region.
Trade well.
CADJPY POTENTIAL TO DOWN TO THE NEAREST AREAwith the volatility of world oil prices, and the volatility of the Japanese yen. made the price of the CADJPY currency pair skyrocket.
however, it is clear that sellers have started to dominate the price movement in the last week.
the best opportunity to enter the market is to wait for the price to touch the supply area as in the chart we present