15 March 2014

USD/JPY : Into Storm Seas

  • Monthly : 5-wave upmove from 75.30 to 105.44 looks likely complete (although a further new high cannot be definitively ruled out yet).
  • Weekly and Daily : Bear flag consolidation looks almost over and ready to crash. Break point on daily chart is 101.40 (closed below last night, albeit only just - not penetrated deep enough to be convincing yet).
  • Compare the USD/JPY daily with the Copper weekly. If the former follows the path of the latter, expect to see a powerful downmove soon.
  • Various downside targets possible. eg 93.77 previous 4th, measured bear flag objective around 96.63.
  • Don't be fooled into thinking USD/JPY looks cheap. Don't go long!
  • Copper, S&P500, USD/JPY all telling a consistent message. Going forward, would be a buyer of bonds on dips.


Taichiseal said...

Testing waters ..


Taichiseal said...

Stopped out post-FOMC. Fed changes forward guidance and removed 6.5% unemployment threshold in favor of a broader view of the jobs market.


There goes that great idea.