FX:USDJPY   U.S. Dollar / Japanese Yen
666 14 14
Here is my thought on usdjpy             for next week. I expect to see a bounce off the resistance line and/or bearish trend line I have drawn on the charts. From there I think the direction is dependent on the greek deal that will be negotiated on the weekend. If their is a deal than I would expect an eventual break higher for this pair as shown on the chart. If there is no deal and a greek exit, I would expect to see yen strengthen across the board and send this pair lower. Let me know what you guys think! :)
There is no way that the EZ will let Greece exit. There will be some sort of plan in place. And this time, Tsipras and Greece will accept it. I've been saying that all along. But I don't think markets will overreact to the news either way. Even if Greece decides to exit or the EZ gives up and lets them go and doom themselves, the market will not overreact. It will take it in stride and see the whole situation as nothing but a blip on the radar screen. Look at the smaller-than-expected gap opening last weekend after the Greek referendum NO vote. Before the vote, news reports and financial analyst were predicting gloom and doom should the result be a "OXI". Sure. The markets gapped opened but "Voila"....nothing much! Much "smaller" gap than expected given the 200+ pip gap in the EU the week before. Gap covered within hours. Then the markets rallied because everyone realized it wasn't gloom and doom!

I just wonder more of why the markets didn't react more to the China stock market meltdown. It lost more in 1 day than the entire GDP of Greece! Of course, China stepped in and put a band-aid on a gaping, gushing bullet hole but I would hope no one is buying that will solve the problem. Anyway, Even so, the Aussie reacted negatively to it as expected but still not as violently as one might think given how dependent Australia is on the Chinese economy.

So again and again, it's more sensationalism than true sentiment. Not belittling the situation on the ground with real people and real lives and real people who are being affected by all this but in short, I'm not letting the news dictate how I trade.

Oh, my opinion on your original question about what will happen next week to this pair? It's going higher early in the week to break that trend line in a retracement wave of the recent move down after a small bounce after hitting that trend line. Maybe just a little more than 15 pips. Maybe 16? ;-P

P.S. I used to use .764 fib before switching over to .786 as harmonics calls for using. I forgot all about that number! Do you find it more useful than .786?
How is 0,746 related to the golden mean (0,618 and 1,618)? I know 0,786 as a square root of 0,618. 0,786*0,786=0,618. But what is 0,746?
IvanLabrie Alexander_Nikitin
Strange fib tool defaults...
+1 Reply
Suppose they are not Fibonacci ratios but LexieGirl ratios). It's ok if she is as smart as Leo Fibonacci was))
LexieGirl Alexander_Nikitin

It is a fib level and if you read the above you will get your answer.
+1 Reply
In the post you are linking to there is no 0,764. Instead there's 0,786
LexieGirl Alexander_Nikitin
it is .236 and .764 is to .236 as .618 is to .382.

Oh, I got it). It's 100%-23,6%=76,4%. You just need simetrical levels because you stretch fibs upside down.
LexieGirl Alexander_Nikitin
TomProTrader Alexander_Nikitin
They are default Fibonacci ratios.... Lol
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