EURJPY forecast for the week of December 11, 2017 UTC
While I am writing this market forces cause EURJPY to change direction a few times on December 11, 2017 roughly at 6am UTC. I predict that it will come out of this mini event and continue to rally to 135. In the meantime other major pairs may be stalling, moving slightly, or change direction. If they move, it looks like a stone slinger being used, that's why I think it's market forces at play.
The lower chart zooms in on the chart above, see the orange circle. Because it's a 4h chart you see only 2 turns, however if you would change it to a 1 minute you will see a lot more turns. Now you know why it can take them so d*mn long take the turn.
The good thing is that once they are identified a lot of the movements can be predicted. The currency pair values will make typical turns, all at the same time. Where the may stall, move slightly, change direction or not. Count your pips!
The major pairs, as they always honor their correlation to the USD are moving into the same direction if they have USD on the same side, or in the opposite direction if they have USD at the opposite side. BTW, I believe that it must be valid for any currency because it's set by the pair name.
XXXUSD moves opposite from USDXXX. So if EURUSD is moving up then is USDJPY moving down, as simple as that. And CHFJPY is moving? .. Down, like USDJPY.
The lower chart zooms in on the chart above, see the orange circle. Because it's a 4h chart you see only 2 turns, however if you would change it to a 1 minute you will see a lot more turns. Now you know why it can take them so d*mn long take the turn.
The good thing is that once they are identified a lot of the movements can be predicted. The currency pair values will make typical turns, all at the same time. Where the may stall, move slightly, change direction or not. Count your pips!
The major pairs, as they always honor their correlation to the USD are moving into the same direction if they have USD on the same side, or in the opposite direction if they have USD at the opposite side. BTW, I believe that it must be valid for any currency because it's set by the pair name.
XXXUSD moves opposite from USDXXX. So if EURUSD is moving up then is USDJPY moving down, as simple as that. And CHFJPY is moving? .. Down, like USDJPY.
Comment:
At the time of writing the number of turns has already increased from 2 to 6 on the 4h chart. Dat gives een 16 hours extra delay for all time estimates of this idea. Once the turns are finished we will know if the chart continues its rally or turns into a alternative bearish path back towards 133. Count the number of bars minus one to get the total number of turns for this mini event and time frame.