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CAD/JPY 1D Chart: Fibonacci and ChannelThe Canadian Dollar by large is doing a long term rebound against the Japanese Yen, as the rate has formed a long term ascending channel pattern. However, there are some details that need to be taken into account, if one wants to speculated on this pairs movements. First of all the rate seems to be highly influenced by the Fibonacci retracement levels, which can be observed on the chart. Secondly, the retracement levels only mark the approximate location of a zone, where the rate might change direction. Third and last in the short term the weekly pivot points seem to be playing a large role, as the SMAs are far below the exchange rate.
Long
by UnknownUnicorn890690
NZD/JPY heading for long term supportThe New Zealand Dollar has reached a notable support level against the Japanese Yen. The support is represented by the weekly S1 at the 0.7935 level. Due to that reason it can be stated that the rate is at a significant point. The Kiwi is either going to rebound against the support level to reach once more for the 50.00% Fibonacci retracement level at the 0.7982 level, which would likely provide the needed resistance to reinforce the decline. All in all, in accordance with the dominant situation, the rate should decline down to the cluster of support from the 78.65 to 78.80 levels, as right there the long term support line is surrounded by various other levels.
Short
by UnknownUnicorn890690
CHF/JPY about to break outThe situation on the CHF/JPY currency pair is hard to understand at first glance. However, if one keeps it short, the currency rate is surging in three various ascending patterns simultaneously. Although, in accordance with the patterns the currency pair is about to experience a period of rather flat trading or a surge. The reason for that is the fact that an ascending triangle pattern has been formed during the recent weeks. The rate is either going to fall down to the 114 mark, where close by various levels of support are located at, or surge up to the 115.50 mark, where the weekly R2 is at.
Long
by UnknownUnicorn890690
GBP/JPY confirms speculated pattern.The recent fundamental surge of the British Pound can be most noticeably seen on the GBP/JPY currency exchange rate charts. The reason for that is the fact that, while the Pound was surging due to monetary policy clues, the Japanese Yen was losing its safe haven status due to turmoil in the Korean peninsula. However, the surge might be over, as the pair has reached the upper trend line of a speculated medium term ascending channel pattern, which recently broke through the upper trend line of a dominant, previously active pattern. The speculated ascending pattern was drawn in one of the updates of the previously published active trading idea. It is still to be seen whether the pair passes the resistance of the medium pattern and surges above the 153.50 mark or declines back down to the 150.30 level.
by UnknownUnicorn890690
GBP/JPY Reviewed after CPI releaseThe situation on the GBP/JPY currency pair has been massively affected by the various fundamental events on both sides of the rate. First of all the British macroeconomic data releases have forced the pound higher. Secondly, the Japanese Yen has fallen due to the recent turmoil on the Korean peninsula. However, the surge can be mapped by a short term channel up pattern. Although, the channel has already reached the upper boundary of a recently spotted dominant ascending channel pattern. Due to that reason it can be expected that the junior pattern will be broken and the pair will decline down to meet with the 55-hour SMA.
Short
by UnknownUnicorn890690
CAD/JPY a long set upIf one looks at the charts, which involved the Canadian Dollar, first thing one notices is the massive jump of the Loonie against anything else. That is the jump of the unexpected Bank of Canada rate raise, which was a purely fundamental move. Although, the fundamental move did not destroy, but rather helped to map various patterns. For example against the Japanese Yen it can be spotted that the Canadian Dollar will continue to surge in the medium term. In regards to the short term, one can notice that the currency pair is heading for the first weekly resistance, which is located at the 89.87 mark.
Long
by UnknownUnicorn890690
GBP/JPY about to be squeezed inThe situation in the traditional risk on against risk off sentiment represented by the GBP/JPY currency exchange rate has been complicated during the recent trading weeks. During the recent trading sessions the pair has bounced off a resistance of the upper trend line of a medium term channel down pattern, which previously forced the Pound against the Yen through a dominant support level. However, the resulting decline was stopped by the most junior pattern’s support together with the 55 and 100-period SMAs. Due to that reason the pair is set to face the resistance of the weekly PP and get squeezed in before a breakout. A breakout should occur to the downside, if the dominant pattern holds its ground.
Short
by UnknownUnicorn890690
CAD/JPY reaches short term resistanceRecently the Canadian Dollar bounced off a dominant channel up pattern’s lower trend line against the Japanese Yen. As a result of the rebound a short term ascending channel pattern has revealed itself. The pattern is set to guide the Loonie higher in its surge against the Japanese Yen. However, there is one issue. The dominant pattern is a much larger scale than the junior pattern, which means that something is missing. The missing part is a medium scale pattern. It is most likely going to reveal itself in the near future. Meanwhile, in regards to the short term, the weekly R2 at 88.6730 is the next target for the currency exchange rate.
Short
by UnknownUnicorn890690
GBP/JPY - The Yen fallsSome time has passed since we reviewed the situation on the GBP/JPY pair. The reason for the review is the recent demand for it. First of all the descending triangle pattern was broken. The reason now is clear, as there exists a dominant channel down pattern. The lower trend line of the channel provided the support needed for the Pound the rebound against the Japanese Yen. In the aftermath of the rebound a short term ascending channel has been revealing itself.
Long
by UnknownUnicorn890690
EUR/JPY remains in ascending patternAs expected and forecasted on Tuesday, the common European currency continued to trade horizontally against the Japanese Yen. Due to that reason, the previous forecast remains in force. By the middle of Wednesday’s trading session the exchange rate was still trading between the 200-hour SMA from the upside near the 129.00 mark and the lower trend line of the ascending pattern near the 128.50 level. However, in the range between those two levels various other levels of significance were located. The rate will trade horizontally until the rate encounters the support of the lower trend line of the ascending channel pattern in a way to be forced up higher.
Long
by UnknownUnicorn890690
EUR/JPY set to ascend The EUR/JPY has begun the weeks trading exactly, as it was forecasted on Friday. The pair has revealed a new junior ascending channel pattern. Due to that reason it can be expected that the rate will surge. However, the currency exchange rate is set to encounter various levels of resistance. For example the pair will first struggle to pass the 55-hour SMA at the 128.50 mark. Afterwards, the rate will struggle to pass the resistance of the weekly PP and monthly S1 at the 128.80 mark. The mentioned pivot point cluster of resistance is almost surely going to be strengthened by the 100 and 200-hour SMAs, which are approaching from 129.00.
Long
by UnknownUnicorn890690
USD/JPY approaches support below 1.09 markDue to the previous forecasts failing, a review of the USD/JPY pair has been conducted. It was revealed that the pair remains on a large scale in a descending channel. However, the recent surge of the US Dollar against the Yen occurred due to encountering a support of a long term channel up pattern. It was followed by a rebound, which can be observed on the chart. Although, it has ended and a short term decline has started in a presumed descending channel pattern. In regards to Friday’s trading , it can be expected that the rate will reach the monthly S1 and the support of the long term channel at 108.82.
by UnknownUnicorn890690
EUR/JPY bounces off short term supportAs the Euro bounced off the long term ascending channel pattern’s upper trend line against the Japanese Yen, it began a decline, which stopped at the middle of Thursday’s trading session. The rate rebounded against the lower trend line of the short term ascending channel pattern, which was supported by the 55-hour SMA and the weekly R1 near the 130.80 mark. Due to the before mentioned bounce off from the long term resistance, it can be expected that the currency exchange rate will pass the junior pattern’s support. However, as the rebound recently occurred, it is quite possible that the rate will go for a reconfirmation of the dominant trend line. The reason for this hypothesis is that the range up to the 131.50 mark is free from notable resistance levels.
by UnknownUnicorn890690
EUR/JPY reaches triangle’s resistanceThe common European currency reached the resistance of a ascending triangle pattern against the Japanese Yen. The upper trend line of the triangle pattern has kept the pair from surging since the start of July. Due to that reason it is still to be seen whether the various support levels below it will be able to force the Euro through the trend line. Namely the combined support of the 55 and 100-hour SMAs are set to provide support to the rate. Both of the moving levels of significance were located at the 130.16 level at the start of the second part of Tuesday’s trading. It is most likely that the currency rate will retreat once more to the mentioned support levels during the next 24 hours. By the way, as the analysis was written, the pair already declined down to the lower trend line of the triangle. Due to that reason, a surge can be expected. Moreover, the SMAs have proven that they lack the strength to stand in the way of the triangle pattern movements.
Long
by UnknownUnicorn890690
USDJPY Yen Slips to 2-Week Low USD/JPY has posted considerable gains on Tuesday, as the pair trades at 110.60 in the North American session. On the release front, Japanese SPPI remained at 0.8%, edging above the agreement of 0.7%. Over in the US, we’ll get a look at two key events. CB Consumer Confidence is expected to improve to 123.7, while New Home Sales is forecast to edge lower to 590 thousand. Japanese SPPI, which measures inflation in the corporate sector, posted a solid reading of 0.8%, but other inflation indicators haven’t kept pace. We’ll get a look at more inflation numbers, highlighted by Tokyo Core CPI, the primary gauge of consumer inflation has posted a steady stream of declines, and a decline of 0.2% is expected in the April reading. If the indicator misses expectations, the yen could lose more ground.
by Jadtecnic
USDJPY looking to take offThe yen seems to be losing steam, and the dollar seems to be setting up for a surprise play of strength. We have bounce pretty strongly off a 38.2 retracement level which seems like a solid set-up for more bullish momentum, however, the volume hasn't really been there to support it. As a result, we could either continue to make our way towards the resistance line or dip one more time into support before taking off. Nonetheless, the dollar seems to be consolidating and ready for some bullish momentum.
Long
by pato