Menu
Brokers
MT4 Forex Brokers
MT5 Forex brokers
PayPal Brokers
Skrill Brokers
Oil Trading Brokers
Gold Trading Brokers
Web Browser Platform
Brokers with CFD Trading
ECN Brokers
Bitcoin FX Brokers
PAMM Forex Brokers
With Cent Accounts
With High Leverage
Cryptocurrency Brokers
Forums
All threads
New threads
New posts
Trending
Search forums
What's new
New threads
New posts
Latest activity
Log in
Register
Search
Search titles only
By:
Search titles only
By:
Menu
Install the app
Install
Reply to thread
Forums
Forex Discussions
Technical Analysis
Elliott Wave Analysis by EWF
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Message
[QUOTE="Elliottwave-Forecast, post: 191659, member: 40858"] The Japanese Yen is weak against all other most-traded currencies, demonstrating market sentiment favoring riskier currencies. Japanese Yen is traditionally considered as safe haven currencies, and it tends to appreciate when there's risk aversion in market. The positive outlook for vaccine rollouts and fiscal stimulus in various countries, especially the United States, contribute to this risk appetite rally. Japan's recently better-than-expected economic data further added to the market's optimism. Japan's latest GDP expanded by 3% in the fourth quarter. This is better than the median estimate of 2.4% by analysts. Annual GDP rose by 12.7%, which is a far bigger increase than the 9.5% expectation by economists. Below we will take a look at the technical picture of EURJPY [HEADING=3]EURJPY Weekly Chart[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/02/EURJPY-Weekly20210217134820.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/02/EURJPY-Weekly20210217134820.jpg[/IMG][/URL] Weekly chart above shows a higher high (bullish sequence) since May 2020 low. A 100% - 161.8% Fibonacci extension in (A)-(B)-(C) can see pair continue to extend higher towards 134.3 - 142.1. We can also see that pair manages to break above long term bearish trend line from 2014 peak, bolstering the view that pair can see more upside. In addition, there's a horizontal support/resistance line around 127.3. A close above the level on weekly basis could suggest continuation higher with limited downside to around 126 - 127 if there's a pullback. In Live Trading Room, we managed to buy the pullback at 125.2 when pair retested the broken trend line from 2014 high in 3 waves ((a))-((b))-((c)) as chart below from January 18 shows: [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/02/Blog-EURJPY.jpg'][IMG alt="Euro Yen Elliott Wave chart"]https://elliottwave-forecast.com/wp-content/uploads/2021/02/Blog-EURJPY.jpg[/IMG][/URL] A month later, we are now at 128 as 4 hour chart below shows and we remain long EURJPY with a risk free position [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/02/1EURJPY-24020210216185612.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/02/1EURJPY-24020210216185612.jpg[/IMG][/URL] Source: [URL]https://elliottwave-forecast.com/forex/risk-appetite-bolster-yen-pairs/[/URL] [/QUOTE]
Insert quotes…
Verification
Post reply
Top
Bottom
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.
Accept
Learn more…