Background: BOJ Rate: -0.1% trying to stimulus its economic.
Arbitrage at GBP/JPY has started.
See if the JPY could hold its ground through this week.
Scenario 1: Step to step from a resistant to a support: 18000----19000----20000
Scenario 2: Go down and test 16000 again, then rebound to the high level, "W" pattern.
Scenario 3: Slump below 16000 to 14500
In the weekly chart, I think it`s running a wave C, maybe reaches to the last lower position which is at 14500 in wave 2.
Another opinion is: P1 to P2 (21000 to 17000)= P3 to P4 (20000 to 16000)= 4000 points, so the first support will be 16000.
And if P2 to P3 (17000 to 20000)= P4 to P5(16000 to 19000)= 3000 points, then should have a rebound.
The S4 will be tested in this week, once it works , the new upturn will happen. Now the SPX 500 is struggling at a big range between 1900-2000 by the U.S interest rates news.
