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$CADJPY Smaller Wolfe Wave Nears Completion at Point 5Hello Traders, Here is a bearish Wolfe Wave forming. This is a smaller time frame Wolfe than the larger one I have linked below and also highlighted in grey. This could potentially cancel out the larger frame Wolfe. If the larger time frame Wolfe completes at Geo"s Off-Set rule we could have a Wolfe Wave completion at 5" for the smaller Wave. It will be interesting to see how this plays out. Side Note - The dotted orange line represents an invalidation line, something I picked up from 4xforecaster. In order to know when the projected Wolfe is invalidated, one must take the parallel of the 1-3 and place on the current point 4. If price surpasses this line, then the current Wolfe Wave is invalidated. You can view more cool lessons from 4xforecaster here: www.tradingview.com Best, Chartistry
Short
by GWaves
4
Time for a YEN turnaround?Fundamentals Japanese governor Haruhiko Kuroda has been on a mission to boost the Japanese economy from deflation, and was doing really well until 2014, when oil began to slump, which dragged on the growth of the Japanese economy. Inflation has since sunk to near 0%. Kuroda began introducing heavy stimulus measures to weaken the currency and boost inflation to bring it closer to the long-term 2% target. The stimulus didn’t work, so he introduced more, to the point where 70% of Japanese bonds return negative yields. Since then the yen has continued to appreciate ridiculous levels, and is probably way overbought and due a turnaround, especially given that further stimulus is likely in May, and likely prices often get priced in before an event. Technicals We must analyse the technicals for good timing on this trade. There is a strong level of support that has been hit 3 times, and has just hit again, giving strong indication of a turnaround. This is indicated by the lower horizontal black line. There is also slight bullish RSI divergence on this pair, further supporting a turnaround right now. While these fundamentals have been the same for a while and the yen has continued to persist in appreciating, I think that given the technicals, and given that all rallies tire out after a while, this could be a good time to enter a long position on USDJPY.
Long
by olly_price
About time the YEN reversed?Fundamentals Japanese governor Haruhiko Kuroda has been on a mission to boost the Japanese economy from deflation, and was doing really well until 2014, when oil began to slump, which dragged on the growth of the Japanese economy. Inflation has since sunk to near 0%. Kuroda began introducing heavy stimulus measures to weaken the currency and boost inflation to bring it closer to the long-term 2% target. The stimulus didn’t work, so he introduced more, to the point where 70% of Japanese bonds now return negative yields. Since then the yen has continued to appreciate ridiculous levels, and is probably way overbought and due a turnaround, especially given that further stimulus is likely in May. Technicals Technicals must be considered to support this trade and to accompany good timing. As for this, now is just the right time. The market has hit an extremely strong level of support, which we have already seen 3 hit points against (indicated by the horizontal black line). There is also relatively strong RSI bullish divergence, as shown. An exit point is based on a nice area of structure, as indicated by the upper horizontal line. I think that the JPY is long overdue a turnaround, and I am buying the USDJPY pair now due to the strong fundamental analysis coupled with a few technical indicators.
Long
by olly_price