Forex4you - Analytics

    Forex4you

    557.50 6.50/10
    60% of positive reviews
    Real

    USD/JPY: up-trend still intact but threatening more downside

       
    USD/JPY has fallen in an a-b-c correction down from the June 5 highs. The move was quite sharp and there is a possibility it could be the start of a deeper correction or reversal.

    The correction comes after the exchange rate broke out of a long 6-month triangle it formed at the start of 2015. Triangles often precede the final move in a trend, raising the possibility that the up-trend may have come to an end.

    Nevertheless it has not ended yet and a continuation higher is possible. The pair seems to have formed an incomplete measured move after bottoming on Wednesday. The pattern is currently unfolding its B wave, with the C-leg possibly still to come. A break above the 124.13 highs would confirm a move higher, initially to 124.63.

    Alternatively a break below the 122.45 lows would probably indicate a reversal of the very-short-term trend down with an initial target at 121.18.
    USDJPY12

       
    USD/JPY has fallen in an a-b-c correction down from the June 5 highs. The move was quite sharp and there is a possibility it could be the start of a deeper correction or reversal.

    The correction comes after the exchange rate broke out of a long 6-month triangle it formed at the start of 2015. Triangles often precede the final move in a trend, raising the possibility that the up-trend may have come to an end.

    Nevertheless it has not ended yet and a continuation higher is possible. The pair seems to have formed an incomplete measured move after bottoming on Wednesday. The pattern is currently unfolding its B wave, with the C-leg possibly still to come. A break above the 124.13 highs would confirm a move higher, initially to 124.63.

    Alternatively a break below the 122.45 lows would probably indicate a reversal of the very-short-term trend down with an initial target at 121.18.
    USDJPY12


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree