I posted an EURJPY uptrend idea before.
After reviewing the price action for the last few days, it seems like an ending diagonal is forming at around 132.8-133.2 area. If this is the case, EURJPY may enter wave (4)-yellow corrective wave, which can bring price down to 128.50.
I prefer to see an impulsive drop before entering short so lets wait and see. A break...
The trend is definitely up, and the recent consolidation since January had put the price at bottom of a rising channel. I believe it is a good long at current level. Stop if break down outside the channel.
RBA's current rhetoric still favors more rate cut early next year. That is the main reason I'm overall bearish AUDUSD.
Look for a better level to enter short for this pair.
USDJPY is more affected by risk appetite, i.e. the US-China trade war.
It seems like trade war had eased down a bit recently but watch closely if anything that hurts risk appetite will return.
It may be the cause for USDJPY break down next year.
General USD weakness might also be the cause as per my other ideas. I'm cautiously bullish for EURUSD & GBPUSD in 2020.
EURUSD has been bound by what looks like an ending diagonal since August.
If Brexit uncertainties has been cleared I believe there will be a larger bullish momentum for EURUSD in the year 2020.
Immediate bias is still bearish until we see new low in the diagonal. Unless price break above the trend line with impulsive momentum.
I would not be surprised if price stalled here for the reason that holiday season is coming.
The roller-coaster ride in the last 2 weeks was a perfect example of buy rumor sell fact.
The completion of a 5-wave up, with a quick thrust up to 1.35 on 12/12 London morning, had signified the change of the bigger trend from bearish to bullish. If the price action proves...
Looking at the chart of GBPUSD, I'm expecting it to enter the A-B-C corrective structure at least until 31 January 2020, the current Brexit deadline. We have to wait for the structure to play out before further accessing position for GBPUSD.
