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USDJPY ONE HOUR CHART
Unless the BoJ is willing to back up its interventions with a hike in interest rates or commit to large-scale USDJOY selling, the best we can say at this stage is that it has, at least for now, restored a two0way risk in what had become a one-way market
What hasn’t changed is that 155 remains pivotal and only firmly below it would suggest the BoJ has won this battle. If not, then it is just a shot across the market’s bow.
EURUSD 4H
Supports 1.07150 & 1.07000
Resistance at 1.07350
As long as supports hold, we are targeting 1.08000 and subsequently 1.08350
Pattern in creation suggest move Up.
But can it be opposite…of course…never say never – in which case we would hit 1.06350
However, pigs can’t fly, yet….maybe if they produce AI pigs one day…who knows
XAUUSD 4 HIYR CHART – ON THE SIDELINES?
SO FAR, THERE W]HAS BEEN LITTLE REACTION TO THE LATEST PROPOSAL FOR AN ISRAEL-HAMAS CEASEFIRE.
WHAT CAUGHT MY ATTENTION IN THIS CHART IS THAT MOVES OUTSIDE OF 2300-2400 HAVE LACKED FOLLOW-THROUGH.
WITHIN THIS RANGE EXPECT 2350 TO BE PIVOTAL INÂ SETTING THE BIAS, ESPECIALLY FOR DAY TRADERS..cURRENT TIGHT RANGE IS 2319-52
SCROLL BELOW AND YOU WILL SEE MY REFERENCE TO THE “MONDAY EFFECT.’
SEE WHAT IT MEANS IN THE FOLLOWING
EURUSD 1 HOUR CHART – OUT OF STEAM?
With EURJPY still above key levels but losing its strong momentum it remains to be seen whether EURUSD can keep its bid ahead of key events this week.
What caught my attention looking at this chart is the failure to seriously take out the 1.0750 level (power of 60).
Mark down today’s high for if it holds, pressure could re-emerge on the downside as the week progresses (“Monday Effect”).
THIS IS ONE OF MY FAVORITE TIPS AND WORTH REPEATING AS IT IS A TIMELY ONE NOW THAT THE BOJ HAS FINALLY INTERVENED IN USDJPY.
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The forex market is on a constant search for the path of least resistance, whether it be on the up or downside for a currency. A trend starts like the gently flowing stream, picks up momentum as with the cascading water, and then reaches a climax when it hits the waterfall.Jay Meisler’s Common Sense Trading: How You Can Identify the Path of Least Resistance?
Jay Meisler’s Common Sense Trading: How You Can Identify the Path of Least Resistance?
EURJPY DAILY CHART = DAMAGE NOT YET FATAL
While intervention has been in USDJPY, crosses have felt the impact as well. With that said, if you want to be short JPY there is less chance of intervention in crosses than in USDJPY.
EURJPY retreat from 171.55 shows key supports still untouched
165.34
163.36 (Trendline)
163.01While the damage is not yet fatal the intervention has restored a two-way risk to a one-way market. .
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