Jump to content

USDJPY Rally to new highs or just a retrace?

Mercury

By Mercury,
in Foreign Exchange (FX)

Recommended Posts

Mercury Esteemed Contributor

Mercury

Posted
Posted

Speaking of USDJPY  where are you on this one?  There has been a strong rally of late and I am wondering if it is near time to cash longs or whether there is a bit more to go yet.

 

On the daily chart the market had recently broken through a strong down-sloping tramline and resistance zone but on the 4 hourly and hourly the move seems to be coming to an end.  A possible confluence of EW count, tramline and resistance zone puts a possible move end at in the region of 11185.

 

In terms of the big picture I am left wondering if this is a retrace of the down trend or a reversion to the up trend for a higher high?  If the USD catches a bid from Fed rate rise and uncertainty elsewhere then a new higher high must be a possibility right?  Similar set up for USDCAD BTW, thought there you have Oil impacting as well.

 

Thoughts?

 



Link to comment

Archived

This topic is now archived and is closed to further replies.

Go to topic listing

  • General Statistics

    • Total Topics
      22,155
    • Total Posts
      93,063
    • Total Members
      42,554
    • Most Online
      7,522
      10/06/21 10:53
    grantchingyu
    Newest Member
    grantchingyu
    Joined 09/06/23 03:06
  • Trustpilot

  • Posts

    • tradinglounge
      Ripple/U.S.dollar(XRPUSD) Elliott Wave Technical Analysis 9 June 23 

      By tradinglounge · Posted

      Elliott Wave Analysis TradingLounge Daily Chart, 9 June 23,   Ripple/U.S.dollar(XRPUSD) XRPUSD Elliott Wave Technical Analysis  Function: Follow Trend Mode: Motive Structure: Impulse Position: Wave 5 Direction Next higher Degrees: wave (1) of Motive Details: Wave 5 is usually equal to .618 multiplied Length of wave 1 through wave 3 Wave Cancel invalid level: 0.41001 Ripple/U.S.dollar(XRPUSD)Trading Strategy: Ripple is still in an uptrend. But it was in a phase of correction in wave 4 before rising again in wave 5, in line with price being above the MA200 line, showing a strong uptrend. But even so, we need more information to identify wave 4 patterns to determine readiness for rising wave 5, wait for wave 4 to finish. Ripple/U.S.dollar(XRPUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, Wave Oscillator has a Bullish momentum. TradingLounge Analyst: Kittiampon Somboonsod, CEWA Source : Tradinglounge.com get trial here!   Elliott Wave Analysis TradingLounge 4H Chart, 9 June 23,   Ripple/U.S.dollar(XRPUSD) XRPUSD Elliott Wave Technical Analysis  Function: Follow Trend Mode: Motive Structure: Impulse Position: Wave 5 Direction Next higher Degrees: wave (1) of Motive Details: Wave 5 is usually equal to .618 multiplied Length of wave 1 through wave 3 Wave Cancel invalid level: 0.41001 Ripple/U.S.dollar(XRPUSD)Trading Strategy: Ripple is still in an uptrend. But it was in a phase of correction in wave 4 before rising again in wave 5, in line with price being above the MA200 line, showing a strong uptrend. But even so, we need more information to identify wave 4 patterns to determine readiness for rising wave 5, wait for wave 4 to finish. Ripple/U.S.dollar(XRPUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, Wave Oscillator has a Bullish momentum.
    • Dan_SB
      Trailing STOPs

      By Dan_SB · Posted

      This is a great answer... Oddly, this is the process i went through and "Trailing" wasn't an option. After looking again, it is now there and working. Thank you.
    • MongiIG
      IGTV on Demand

      By MongiIG · Posted

      Charting the Markets: 08 June Brent crude oil, silver and copper capped by resistance in low volatile trading. EUR/USD range bound while USD/CAD and AUD/CAD remain bearish post BoC rate hike. And levels to watch. Shaun Murison | Senior Market Analyst, Johannesburg | Publication date: Thursday 08 June 2023             This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.  

Markets

Forex

Indices

Shares

Other markets

IG services

Spread betting

CFD trading

Share dealing

Trading platforms

Web platform

Trading apps

Advanced platforms

Compare features

About Us

How we support you

What we do with your money

How does IG make money?

Professional trading

Contact us

Post topic on Community

Browse Help and Support

Education on Academy

Tweet us @IGClientHelp

UK

IG | Sitemap | Terms and agreements | Privacy | How to fund | Cookies | About IG

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk.

The value of shares, ETFs and ETCs bought through a share dealing account, a stocks and shares ISA or a SIPP can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results.

CFD, share dealing and stocks and shares ISA accounts provided by IG Markets Ltd, spread betting provided by IG Index Ltd. IG is a trading name of IG Markets Ltd (a company registered in England and Wales under number 04008957) and IG Index Ltd (a company registered in England and Wales under number 01190902). Registered address at Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA. Both IG Markets Ltd (Register number 195355) and IG Index Ltd (Register number 114059) are authorised and regulated by the Financial Conduct Authority.

The information on this site is not directed at residents of the United States, Belgium or any particular country outside the UK and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

© 2003 - 2020

IG | Terms and agreements (UK) | Privacy (UK) | Cookies | Investors | Careers | Marketing partnership

×
×
  • Create New...