EURUSD, USDJPY, EURJPY -I do these three currency pairs because they represent a cross section of the market as a whole – all matching up to possible opportunities on Wild Card, 6 Aces and Royal Flushes (Trending and Elliott Wave) and they represent correlating other currencies.
Example: due to it’s very close correlation the EURUSD will show you what the USDCHF will possibly do going the other way!
This way whatever trader you are you have an idea of what the possibilities might be.
REMEMBER: THIS IS BIG PICTURE ONLY – NOT INTRADAY! Please NOTE!!!! This is an opinion only!
SPECIAL NOTE:
Fed’s Dollar Swap lines are closing Feb 1. That is bullish for the dollar
CLICK ON IMAGES TO ENLARGE
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EURUSD
WHAT I SEE: We got within 6 pips of the 1.3849 target that we were talking about all week. Sooner or later though, we will have a pullback and so far NONE. If the pullback does not come first, look to take out the targets 1.3731 then 1.3594. AT anyone of these the pullback could start. So be cautious
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USDJPY
WHAT I SEE: – Since fed swaps are done for now, this is bullish for the dollar and should propel the UJ out of the down cycle. Of course, maybe not. We have a clear head and shoulders and a break of the neckline – But we are WAITING for the breakout of the trend line and a short retracement before commencing to the 91.46 area ( .500 fibo and R4). If the Line holds then look for ranging,
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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: – I wrote last week: Should see a pullback or consolidation here and then a breakout of current support to the 124.51 (S7 area) with further targets at 122.10-34 area.
We did breakout but the targets remain still, this is a really long down ride so watch for a pullback – can’t keep going. It is the EJ not the Energizer Bunny. Market is consolidating right now in a descending wedge which is bearish. If it does break out north look for 128.37 area
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EXTREME CAUTION IS URGED – TRADE WITH STOPS!!!!!
BTW – if you want to save the pics, right click and hit “save as”.
IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by ProAct Traders, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. This is an opinion ONLY – and not a trade call, but a study that may lead you to a trade. I do not know whether this will transpire or not so use your own judgment.
