Aeternum

Aeternum Updated 

USDJPY has recently broken out of a triangle formation and retested it before breaking further support in the 113.3/4 region. Possibly may retest that support level and failure to break higher will likely see us fall towards 112.

Aeternum Updated 

Current Trend: Bearish Momentum: Bearish RSI seems to be in a channel with prices making a wedge. Prices showing lower high and lower lows but RSI is showing higher highs and higher lows. Possible divergence into a reversal in the making? Best to see if price breaks the descending trendline to look for buy opportunities.

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Could this be a bounce? Or will it choose to drop to the 61.8?

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We can see on the hourly timeframe that Gold had a strong climb at the end of January up to the highs of 1592 and retraced 78.6% of that move just earlier today. It has just retraced 38.2% of the down move from the weekly open. The pattern thus far is similar to a bullish butterfly which we may see the ending point around 1557 to 1565 for a bullish buy.

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After a long initial drop, price has retraced to 38.2, we may see a continuation of the down move into 1.91x. Pending the break of 1.94x.

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We are close to 61.8 of the move from A-B. Should price bounce from here, along with the break above B, price may end up retracing close to 1.338/9x. This will fulfill a bearish Gartley pattern. However, if price does not retrace from here and continues lower, it may be an AB-CD wave down.

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Seems like almost every chart shows that this is way too overbought on bigger time frames, but when zoomed in, you can see the break above that resistance point at 1549.8x level. RSI still gives it some room to push for 1555.x, where we have our previous highs 4-5 months ago. Time to see how it reacts within this range in order to better understand where market...

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Pending breakout on this pair. Channel is after bullish up move, so we may expect more bullish action with break out to the top side.

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Current resistance and support on daily levels. Has a good down side to follow through on if there is no break out to the upside.

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Possibility of retracement down to meet 61.8% and bounce. Looking at 136 for more answers.

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Likely to make a correction where we are now.

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Market is making a correction now. Look to long around 1273.46 / 1260.