• 288 days Will The ECB Continue To Hike Rates?
  • 288 days Forbes: Aramco Remains Largest Company In The Middle East
  • 290 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 690 days Could Crypto Overtake Traditional Investment?
  • 695 days Americans Still Quitting Jobs At Record Pace
  • 697 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 700 days Is The Dollar Too Strong?
  • 700 days Big Tech Disappoints Investors on Earnings Calls
  • 701 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 703 days China Is Quietly Trying To Distance Itself From Russia
  • 703 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 707 days Crypto Investors Won Big In 2021
  • 707 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 708 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 710 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 711 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 714 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 715 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 715 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 717 days Are NFTs About To Take Over Gaming?
What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Strong U.S. Dollar Weighs On Blue Chip Earnings

Strong U.S. Dollar Weighs On Blue Chip Earnings

Earnings season is well underway,…

  1. Home
  2. Markets
  3. Other

The Rally in USDJPY That None Can See Coming!

The Rally in USDJPY That None Can See Coming!

USDJPY

30 min

USD/JPY 30-Minute Chart
Larger Image

4 Hours

USD/JPY 4-Hour Chart
Larger Image

Daily

USD/JPY Daily Chart
Larger Image

My Bias: LONG
Wave Structure: rally in wave [C]
Long term wave count: wave [C] is underway, upside to above 136.00
Important risk events: JPY: N/A. USD: Philly Fed Manufacturing Index, Unemployment Claims, Treasury Sec Mnuchin Speaks.

USDJPY rallied today as suggested by the short term wave count.
It is too early to tell if this confirms the bottom of wave '4' orange just yet.

The price structure must break out of the parallel trend channel to the upside and clear resistance at 109.40 as the first hurdle.
A break of 110.10 will cement the larger bullish view point an setup a rally in wave '5' orange.
The minimum target for wave '5' orange lies at or above 1.2578,
the previous wave [A] red on the daily chart.

This correction has gone on for long enough now and the market is primed for a huge rally, one worth the wait!
The upper target for the coming rally lies ion the region of 140.00,
where wave [C] red will reach equality with wave [A] red.
That shows you the scale of the move I am expecting for the Dollar over the next year or so.

For the next few days, I will be watching the action around 109.40 to see if we get a break higher.
A break below 108.13 will postpone the larger rally for another week or so as this correction winds down.

 

Back to homepage

Leave a comment

Leave a comment