USDJPY. Updated count. Another drop is possible.The main thing - the break below 112.57 (low 18JAN2017) invalidated the previous count.
I think we are in abc (blue) correction before another drop down.
The blue C can surpass the top of blue A.
The break below white support line would confirm the start of another drop down.
Targets are between 38.2% (111.99) and 50% (109.93) Fibonacci retracement levels.
Japan
Beautiful breakout higherAfter a strong impuls higher we have been in a corrective trend lower, and from a strong support area, we broke this important trendline higher. I am expecting further upside in the coming weeks.
I am long since 2220 with a tight stop at 2198. Targeting 2420 and 2620.
Buying dips in this stock should be a solid play in coming weeks.
Blessings to you all.
GBPJPY Low Risk High Reward ShortGBPJPY is bound to retest the downward channel, as it did when it broke out of the bottom last time. It is also right on the 200 4-HR SMA, which is acting as a tough resistance, as well as the supply zone.
My last short idea did hit my original stop, but I moved my stop up because I think this will be a huge move.
As always, use proper money management
CADJPY Watch Out, possible short!CADJPY hitting resistance, tested unsuccessfully (could test again, watch out)
Technicals: Fibonacci Level, structure and over-bought RSI suggest short
Fundamentals: CAD gaining recently due to higher OIL prices (how long will that continue?), JPY's recent rapid depreciation (since Trump won elections) can generate capital outflows, so I believe JPY should be pushed up against main currencies, affecting CADJPY as well
Good risk reward ratio, if trend and Fib broken, long could generate good profits, but to me it seems short due to the abovementioned reasons
USD INDEX - SELL OR WAIT With major resistance above, I went short USDJPY again around 110.65 with just a single lot. Let's see what the coming weeks has to unfold.
NEWS ALERT - Japan hit by 7.5 Earthquake and followed by tsunami warning. May god help them and my prayers with them... on fundamentals Yen will attract safe haven money back. so expecting a quick hit on it.
USDJPY Monthly: "Keep it simple" Interesting to short now. Due to the yen being supposed to be a safe haven currency and a simultaneously strengthening dollar, direction might not be perfectly clear, but the overall trend seems bullish to me. This will probably depend on #BoJ and #Fed incoming action. Good Luck!
Nikkei - Fake Breakout or a usual shakeout after breakout?The above is the weekly comparison chart of the Nikkei (candles) and USD/JPY (bars). We can clearly observe that the benchmark index closely follows the movement in the Yen.
Fake Breakout - The index had seen a bullish break above the descending trendline. However, the follow through has been weak. In fact, the current weekly closing is back below the descending trend line.
Shakeout after Breakout - However, this could also be a usual shakeout after the breakout. Such moves are often seen on larger time frames like - weekly and monthly. Furthermore, the Dollar-Yen pair has formed a nice rounding bottom formation over the last few months. This increases the likelihood the Nikkei index gaining strength once again in the near future.