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EUR/JPY fails to surge above 130.05Daily outlook - EUR/JPY fails to surge above 130.05 In second half of the previous trading session the currency exchange rate made an unexpected turn around near the 130.05 mark and started to fall. The reason behind pair’s inability to reach the weekly R1 at 130.64 might be related to existence of a larger descending channel with two reaction highs and two reaction lows. If this pattern is actually in force, then the Euro has to continue to lose value against the Yen until the rate will reaches its southern boundary for the third time. But, in order to do that, the pair has to bypass once again the March 2016 high at 128.18. Most likely the new attempt is going to fail as well. On the other hand, the pair has a chance to succeed if some fundamental event will accelerate the fall.
by UnknownUnicorn890690
AUD/JPY 1H Chart: Channel UpAUD/JPY 1H Chart: Channel Up The Australian Dollar is advancing against the Japanese Yen in a short-term ascending channel that started to form after the currency pair stopped to move in a downtrend and changed the direction near 85.52. At the moment, it consists of two reaction highs and two reaction lows and, thus, has reached maturity. For this reason, dissolution of the pattern might happen as soon as the currency rate will reach a combined resistance level set up by the weekly R1 at 87.69 and the monthly PP at 87.78. Even though the market sentiment remains 69% bearish, a summary of technical indicators for the upcoming five and twenty four hours sends a strong buy signal. This might be a sign that the pair has entered into a solid medium-term uptrend.
by UnknownUnicorn890690
CAD/JPY 1H Chart: Channel UpCAD/JPY 1H Chart: Channel Up The Canadian Dollar is recovering against the Japanese Yen in a short-term ascending channel that formed in the result of a change of the one month long downtrend. At the moment, the pattern consists from two reaction lows and only one reaction high. Since there will be no significant macroeconomic data releases in the upcoming two days, the currency pair has a potential to surge to the weekly R1 located at the 87.43 level . On the other hand, the fact the pair has, practically, stuck for a day at the 200-hour SMA near 86.77 suggests that the channel might not sustain for long . This assumption is supported by the general market sentiment, which is 55% bearish . But in the meantime, a summary of various technical indicators continue to send a strong buy signal.
by UnknownUnicorn890690
EUR/JPY slips to March 2016 high Daily outlook - EUR/JPY slips to March 2016 high In accordance with expectations, the Euro continued to depreciate against the Japanese Yen until the currency pair reached a support set up by the March 2016 high at the 128.18 level. Afterwards, the rate made a rebound and started to move in the upward direction similarly as it did yesterday. A release of the US macroeconomic data has only given an additional impulse for this upside movement. Most probably, the surge will be stopped near a combination of the 55-hour SMA and the monthly S1 at 128.79. However, even if the rate manages to sneak to the top, the Yen is going to try to restore some of the lost positions after the markets will calm down. The fact that the currency pair, generally, should continue to slip to the bottom is supported by 67% of traders with bearish sentiment.
by UnknownUnicorn890690
AUD/JPY 1H Chart: Channel UpAUD/JPY 1H Chart: Channel Up The Australian Dollar is trading against the Japanese Yen in a small ascending channel. The pattern formed in the result of a 100-pips depreciation of the Aussie amid a speech delivered by the RBA Assistant Governor Kent. At the moment, it consists of two reaction highs and lows and, thus, might be broken in the nearest future. The fact that the pair failed to break through the 55-hour SMA near 87.01 allows assuming that the breakout will eventually occur in the southern direction. If this is true, then the current channel represents only a part of a larger flag pattern. In that case, the downward movement should end up only at the weekly S3 at 85.85 or slightly below it. Such outcome would be in line with the general market sentiment, as 74% of traders hold short positions on this currency pair.
by UnknownUnicorn890690
USDJPY no rally one sided retail traders and relative weakness.This chart is a bit tricky. www.mql5.com It appears bearish long term, however with stocks making new highs many maybe a bit scared to go short this pair. I understand fully on this fear. What scares me is the huge amount of retail longs in this pair. Its about 73%, I do not remember the last time a pair rallied when the retail traders where one sided to this degree. A good example was the start of this week. At 1.4977 16% of EURAUD traders were long.....The chart appeared bearish and I am sure many continued to jump in. I went long but then got scared out before we saw a 230 pips rally in 2 days. I am not taking this off of the technicals I am taking this more on the fundamentals. With the USA having issues at the moment, and OIL down we may see some issues in stocks, however today stocks are up. We will see tomorrow with NFP. I am shorting this pair lets see how it goes. P.S. Interest rate differentials have increased a little so this may also get more longs into this trade.....
Short
by fxlivedaytrading
USD/JPY MONTHLY Short/Bearish Trend. Correction or recession?Great opportunity to short usd/jpy for a long ride down. This is in correlation with USD weakness under trump presidency and also global indices calling for a huge correction on monthly charts. This analysis indicating a major sell off in USD. That could possibly be a geopolitical event maybe north korea/russia and US?? Its like the market predicting and indicating to us that something big is coming!! and Technically I see major fall in usd and strength in jpy and gold.
Short
by Sagefx