USD/JPY - Has closed above its minor resistance-line, which is the first serious signal that wave 4 finished at 80.31 and we should now be looking for a break above 81.20 to confirm the bottom at the next rally higher towards 84.17 and 85.50.
Protective sell-stops should be lifted to 80.25
EUR/JPY - Has also closed above its resistance-line being the first warning that the bottom of wave 2 is in place here. We are now waiting for a break above 107.10 to confirm that the bottom is in place for the next rally higher towards 111.43 and 118.85 longer term.
Protective sell-stops should be place at 104.50.
sir natural gas @ new low............. no support is working.... no chart is working.....just one way ride without any stop
ReplyDeleteIf we seek a correlation between the crosses EUR / USD and EUR / JPY think speaking back in time falls (rises) one pair, the other responds in the same way.Respectively if we expect EUR / JPY to rise, it should not Does the EUR / USD to rise too?
ReplyDeleteHi Chetan,
ReplyDeleteOne thing we can be absolutly sure of is, that we will not go to zero!
I still think this is a classic case of overshooting to the downside. The problem with this kind of behavior is that it is almost impossible to pin-point the bottom, but you can rest asure that support will be found and it will be found sooner than later.
Regards
EWS
Hi Diversanta
ReplyDeleteI do believe you are making misjudgement here.
You don't necessary need the two currency pairs to trade in opposite directions for EUR/JPY to rise. It is just a question of which currency pair that moves the fastest. If USD/JPY rises faster than EUR/USD falls the outcome will be a rise in EUR/JPY.
Trying to figure out how these relationships between the currency pairs we work is one of the most difficult things within currency trading, therefore the best way is to rely on the charts and let them dictate your action and not trying to second guess the currency pairs interaction.
Regards
EWS
10x for the answer,successful trade and congratulated for what you do for us :)
ReplyDeleteThank you Diversanta!
ReplyDeleteIt's much appreciated and will try to do the very best ;o)
Regards
EWS