The pair inside a large corrective structure after the last big impulse down, in a smaller degree it is currently inside a descending channel and looking ready to break down which can be expected to occur either on Monday or Tuesday next week giving a nice opportunity to go short towards the impulse lows.
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Comment
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Comment
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possibility for BO today
Comments
ruthrajamanie
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Looks like it broke to downside.
Gareth_Roberts
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Hi pip, out of interest, what is your long term opinion on this pair, as I have a feeling this is one giant consolidation before a new bullish trend.
piphunters
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giant consolidation in which time frame?
Gareth_Roberts
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I know there is another move lower, but I'm talking about the 4hr zoomed out a little, or am I looking at this all wrong?
piphunters
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It will go down big time I believe, first we will get a break down of around 200 pips on Tuesday probably to the recent lows and then we will see from there how it develops, a break below will be an impulse so we can't just go up yet but of course there is risk of a huge impulse to the upside too in this kind of structure but that will only be possible with a big fundamental news from BOJ so you can anticipate it somewhat.
piphunters
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also the 4hr correction you are referring to will only last for a day maximum
impiouscapital
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Dhashah dhaane kamah tha thibalanee? EUR ge weakness ga tha noony JPY ge strength ga tha?
piphunters
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JPY strength
impiouscapital
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Do you think tomorrows Japan GDP data will reflect strong growth? Because if it doesnt that would weaken the Yen significantly. Reason I am asking is, there was the 4 billion Yen stimulus package also recently. Seems japan is concerned about slowed growth.