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No
Hello Bearprofits, no.
What has to be watched is the JPY. The recent reverse surge of all the currencies followed the large Buy intervention of the Yen by the Bank of Japan. This stopped the fall of the USD against all currencies. The USD/JPY jumped from 106.70 to 108.70, .618 Retracement of the Dec 1, 110.00 High.
While there is much attention on the EUR/USD, and repeated blasts of 'new all-time high', attention must be given to the JPY – USD/JPY because it is the BoJ only that currently intervenes in the forex market.
I realise many people trade Pivot S/Rs levels, I find fibo levels handier and trust the chart also illustrates that channels and channels within channels help anticipate wave direction, turning points and S/R areas and levels.
Agree, disagree ? Wallace.
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