USDJPY 4 HOUR CHART – WHAT THE SAVVY TRADER IS SAYING
I have passed on the view of what I call the “savvy trader” (long-time GV member) and here is another one just emailed to me (note I am only acting as the messenger)
155.66 – 155.92 could be a good area to start a strategic campaign short
closes below 153 on a daily basis would not be good for the bulls
and anticipate an acceleration below 152 and 151
1st target 147.xx from which anticipate a bounce before eventually drilling for much deeper targets.
I suspect that the maximum it can drop is around 126 and then it will range back up
everything must be done with patience
missed loading long dlrch as my laying order was a tad too low so did not get picked up
now eyeballing short euro here at 1.077ish butting against some converging MA Res on the daily. puppy will likely need to breach 1.0825 to reach for higher.
UsdChf sell side looks decent in Asia tonight for a few pips. Overall picture is different. See it long as mentioned earlier for higher ground inevitably.
For novices – there is a nice trendline from last weeks low in AudUsd that value is resting on at around 6620, and since Aud has good fundamental one might argue it would move higher. You must pay attention to the bigger picture though. If you look at larger time frames of analysis, 6660 could end up being a solid resistance area for bulls. AND it has the mark of the beast on it!
I wouldn’t think of selling equities until OEX options gets to around 2480 and its important to realize that Chinese equities have a tailwind that appears likely to stick based on the profile of inflows. That means odds are stacked to buy USD when it gets there. Maybe a day or two.
EURJPY correcting off the 164.00 intervention led low. This is the key level on the downside but only a move back above 167.38 would confirm a near-term low is in.
These are the key levels on this chart, anything in between is just minor.
Note, BoJ interventions, at a minimum, have restored a two-way risk although it has been in USDJPY and not on JPY crosses.