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  #661  
Old Yesterday, 08:22 PM
mazri_2008 mazri_2008 is online now
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Wave analysis of the USD / JPY currency pair for February 23, 2018


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Analysis of wave counting:

Having started the yesterday's trading with a downward movement, the currency pair USD / JPY lost more than 110 percentage points in price and was able to work out a mark of 106.65 at the end of the day. It can be assumed that, after pushing away from the maximum of the medium (107.90), the currency pair made an attempt to complete the first wave and denote the beginning of the second wave, as part of the future wave a, 4, C, C, (B). If this is so, then the currency pair can resume the growth of quotations at any time and go to the stage of formation of the wave 3, a, 4, C, C, (B). At the same time, the wave structure of the entire wave 5, 3, C, C, (B), which is not entirely convincing, allows the currency pair to continue its decline down to the level of the 104th figure.

The objectives for the option with a downward wave:

106.07 - 423.6% of Fibonacci

105.22 - 523.6% of Fibonacci

The objectives for the option with an upward wave:

107.25 - 108.00

General conclusions and trading recommendations:

The tool continues to build a long-term uptrend. The decline in quotations may continue with the targets on the way to the level of 106.07, which corresponds to 423.6% of Fibonacci, within the framework of the construction of wave 2, a, 4, C, C, (B). After its completion, it is expected that the upgrade will resume with targets above 108 figures.
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  #662  
Old Yesterday, 08:33 PM
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Fractal analysis for USD / JPY currency pairs as of February 23


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For the USD / JPY pair, the key levels on a scale are: 109.24, 108.74, 108.06, 107.81, 107.42, 106.88, 106.44, 106.04 and 105.50. Here, the price is in deep correction from the upward structure on February 16. The continuation of the development of the upward structure from February 16 is expected after the breakdown of the level of 107.42. In this case, the first target is 107.81. Passing the price of the noise range of 107.81 - 108.06 will allow us to count on the movement towards the level of 108.74. Near this is the consolidation of the price. For the potential value for the top, consider the level of 109.24. Upon reaching this level, we expect a pullback towards the bottom.

Consolidated movement is possible in the area of 106.88 - 106.44. The breakdown of the last value will lead to in-depth correction. Here, the target is 106.04. The breakdown of this level, in turn, will initiate the development of a downward trend on the scale of H1. In this case, the potential target is 105.50.

The main trend is the upward structure of February 16, the stage of deep correction.

Trading recommendations:

Buy: 107.42 Take profit: 107.40

Buy: 108.08 Take profit: 108.70

Sell: 106.42 Take profit: 106.08

Sell: 106.42 Take profit: 106.06

Last edited by mazri_2008; Yesterday at 08:51 PM..
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  #663  
Old Yesterday, 10:55 PM
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Daily analysis of USD/JPY for February 23, 2018


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Overview

The USD/JPY pair traded with clear negativity yesterday to settle below 23.6% Fibonacci correction level for the decline from 113.37 to 105.54, which puts the price under negative pressure that might return trades to the main bearish trend again.

However, on the other hand, stochastic shows clear positive signals that might help the price recover and show more bullish correction, especially that the price is still out of the main bearish channel that appears on the chart. Therefore, we prefer to stay aside until we get a clearer signal for the next trend. A breach of 107.40 will make the price resume the correctional bullish track with the next target located at 108.53.

A break of 106.30 represents the key to returning to the main bearish trend with its main targets beginning at 105.54. The expected trading range for today is between the 106.00 support and the 107.70 resistance.
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  #664  
Old Yesterday, 11:16 PM
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USD / JPY.

On Thursday, the yen did not receive sufficient support from foreign markets and some aggressive players quickly closed purchases of the beginning of the week. The US stock index S & P500 added only 0.1%, Russell2000 lost -0.20%. Today, in the Asian session, investor sentiment is improving; the Japanese Nikkei225 is growing by 0.51%, the Chinese China A50 by 0.22%, the Indian Nifty50 + 0.33%.

Japanese CPIs came out good today. The base index in the January estimate remained at 0.9% y / y against the expectation of a decrease to 0.8% y / y, the total CPI increased from 1.0% y / y to 1.4% y / y, while 1.3 % y / y. Japanese media are beginning to interpret positive Japanese data as a condition for further risk, and negative data as confidence that the Bank of Japan will not rush with the curtailment of monetary incentives. This feature tells us that the Central Bank has really set about correcting the situation and the markets are given a medium-term direction.

We are waiting for the yen to rise to the level of 108.00. Further to the range of 108.50 / 80.


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  #665  
Old Yesterday, 11:17 PM
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USD/JPY: From Monday to Wednesday, the price moved upwards by 170 pips (from the demand level at 106.00 and to just above the demand level at 107.50). That become a threat to the existing bearishness in the market, but bears were able to save the day as the price was pushed lower on Thursday, thus saving the week in favor of the bearish bias. The market can go lower.


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  #666  
Old Yesterday, 11:26 PM
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Technical analysis of USD/JPY for February 23, 2018


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USD/JPY is expected to trade with a bearish outlook as the key resistance is at 107.60. The pair is off the low of 106.58 seen overnight (February 22). Currently, it has returned to levels above the descending 20-period moving average while being capped by the 50-period one and the key resistance at 107.15. The relative strength index has not yet recovered the neutral level of 50, indicating a lack of upward momentum for the pair. As long as the key resistance at 107.65 is not surpassed, intraday bearishness persists, and the pair could pull back to 106.55 (around the yesterday low) before declining further to 106.10.

Alternatively, if the price moves in the opposite direction, a long position is recommended to be above 107.60 with a target of 107.90.

Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels, and the green line indicates the resistance level. These levels can be used to enter and exit trades.

Strategy: SELL, stop loss at 107.60, take profit at 106.55.

Resistance levels: 107.90, 108.40, and 108.90

Support levels: 106.55, 106.10, and 105.70.
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