Category Archives: USD/JPY

Honey, I Shrunk The Euro

Ville Vainio

EUR/USD had a massive decline at the end of the week and the bears seems to be in charge here. The decline went trough the support area around 1.1145 and kept going. This decline is in line with the wave count which has been expecting powerful decline for some time now. Although this decline is still a 3 wave structure, the larger wave structure is supporting the view that we have started the next phase in dollar strength. more…

USDJPY: Range Bound Trading Continues

Nenad Kerkez

As I already stated a couple of times, USDJPY is range bound with a bit more buying into dips. Presumably it is done by institutional traders as we can see from the chart. Scholastic example of double bottom vs V shaped reversal spike the pair up close to 120.00 level. Interim resistance zone lies at 120.00-10 ( channel top + H3 ) and we could see some selling towards 119.40 which is important support. more…

USDJPY: Bearish Pennant In Progress

Nenad Kerkez

USD has recovered to some extent after bad NFP result mostly by rising of US yields and general USD sentiment. Technically we can spot a huge bearish pennant on H4 chart with a clear range in between. Adding to that we can see that MACD is going sideways and histograms are very small which indicates that the pair is stuck in a range with no momentum. more…

USDJPY Targets 116.6

Ville Vainio

USDJPY continued the decline after NFP on Friday. My preferred wave count is looking for a 3 wave structure and is looking at this decline as wave 2 correction on the way higher. Fibonacci expansion tool on the charts gives targets of 118.6 and 116.6 respectively. These levels are 100% and 161.8% relationships for wave C to wave A. more…

USDJPY Trades Lower For Correction

Gregor Horvat

USDJPY fell sharply lower last week which can be an impulsive move, headed to lower levels based on very strong bearish momentum. That said, we labeled latest recovery as wave B that is part of a complex correction; probably a flat in wave 4) that will be targeting former wave four just beneath 119.00 area. We will be looking for a new turn up from that support region. more…

USDJPY Targets 127.00

Gregor Horvat

USDJPY remains in bullish mode on the daily time frame, despite deep downward retracement to 120.40 that looks now as a completed wave 4 because of a three subwaves down. As such, we suspect that rally since March is going to be an expanding diagonal; it’s a five wave pattern, currently with final sub-wave 5 in play that will likely be targeting 127.00 area, where top could be seen later this summer. more…