Pair’s retreat to 105.549 from near falling channel hurdle despite having rebounded from 104.19 (23.6% of Jan 29 high – June 24 low) suggests upticks are likely to be met with offers until we have a day end closing above 106.64 (38.2% of 2011 low – 2015 high).
A bullish daily close could happen on hawkish Fed. On the other hand, dovish Fed statement could yield a drop to 104.19 levels.
Interesting observation – Gold and Yen …both topped out in 2011 and bottomed out in 2015! We have head and shoulder formation on gold as well as Cypher formation with Leg at $1240 is under progress. This makes me wonder if we are going to have a bullish break in USD/JPY (& hawkish Fed).
Check what the City expert has to say on USD/JPY here - www.youtube.com/watch?v=a3gxXZUL...
A bullish daily close could happen on hawkish Fed. On the other hand, dovish Fed statement could yield a drop to 104.19 levels.
Interesting observation – Gold and Yen …both topped out in 2011 and bottomed out in 2015! We have head and shoulder formation on gold as well as Cypher formation with Leg at $1240 is under progress. This makes me wonder if we are going to have a bullish break in USD/JPY (& hawkish Fed).
Check what the City expert has to say on USD/JPY here - www.youtube.com/watch?v=a3gxXZUL...
