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:

When the market turns the potential can take traders by surprise. However, the EURUSD has moved down over 1100 pips since January and a simple correction of 300-400 pips is not out of the question. It is important to follow the technicals as nothing is guaranteed. So the price and key levels like moving averages will tell the story. That story started yesterday when the price showed signs of bottoming and today, the stories chapters are unwinding further. The EURUSD continues the squeeze higher as some of the worry about the Greek situation permeates into the market. There is a rumor of a German owned back providing relief. This, coupled with Friday squaring, has the EURUSD the currency of choice – to the upside.

Above from Greg Michalowski-Chief Currency Analyst FXDD

CLICK ON IMAGES TO ENLARGE

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EURUSD

1) WHAT I SEE: We have broken to the upside of the triangle so the bias is for the continuation of the bounce north. However NOTE: we are still making lower highs so it could be a fake out. We could hold here and consolidate with highs at the R4 or break out to the south again. Markets are giving very mixed signals. If we break down the targets are still at 1.3384 area.

 

EURUSD1a.jpg

 

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USDJPY

WHAT I SEE: – A pretty well defined descending wedge gives credence to the continued fall- but we should first see a bounce here back to the S4. S6 target is 87.69

USDJPY-240.jpg

 

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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!

WHAT I SEE: – I wrote last week: A break down targets the .618 Fibo extension and support at the same spot @119.73. Did exactly that. It has now bounced to previous support and the small new trendline. If that holds look for the 119.20-40 area on the downside for target. But it could break north with the EURO upside bias and the consolidate waiting for more info.

EURJPY.jpg

 

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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.