4 Jul 2013
USD/JPY Consolidated below 100.00
FXstreet.com (London) - USD/JPY completed 5 waves on Wednesday.
USD/JPY plummeted through the figure to 99.25 after completing a 5 wave move to top out at 100.80. The pair have since moved back through the figure and walked lower to find support 99.70/80 territory where the pair are cosoloted.
Today is 4th July, and markets are illiquid with a US holiday, but that is not to say it will be a quiet day. Today we see the BoE and ECB interest rate decisions and if there any surprises, price action could be fierce.
USD/JPY failed top of cloud
Karen jones, analyst at Commerzbank, said the USD/JPY temporarily topped just ahead of the 101.28 cloud, and also the previous uptrend, which now acts as resistance at 101.27 (see chart attached). She also note the 13 count on
the 240 minute chart. All 3 suggest that we should see initial failure here. “In order for the chart pattern to come under pressure however we will need to see a break back below the base of the cloud at 98.15. Below here will leave the market on the defensive and likely to slide back to 97.27/96.44/95.25 en route to the 93.75 recent low.Above the cloud will target the 103.74 May high.”
USD/JPY plummeted through the figure to 99.25 after completing a 5 wave move to top out at 100.80. The pair have since moved back through the figure and walked lower to find support 99.70/80 territory where the pair are cosoloted.
Today is 4th July, and markets are illiquid with a US holiday, but that is not to say it will be a quiet day. Today we see the BoE and ECB interest rate decisions and if there any surprises, price action could be fierce.
USD/JPY failed top of cloud
Karen jones, analyst at Commerzbank, said the USD/JPY temporarily topped just ahead of the 101.28 cloud, and also the previous uptrend, which now acts as resistance at 101.27 (see chart attached). She also note the 13 count on
the 240 minute chart. All 3 suggest that we should see initial failure here. “In order for the chart pattern to come under pressure however we will need to see a break back below the base of the cloud at 98.15. Below here will leave the market on the defensive and likely to slide back to 97.27/96.44/95.25 en route to the 93.75 recent low.Above the cloud will target the 103.74 May high.”