EUR/JPY CYCLES UPDATE Part1

[rufffen]

Finally one question needs to be addressed here EUR/USD USD/JPY have inverse correlation generally meaning that if one goes up another item goes down. Since so many are expecting further losses on EUR/USD can USD/JPY decline at the same time with EURO?

Id say this is an option if the prices are yen-driven i.e. if yen cross EUR/JPY declines on pure YEN action EUR/USD might decline regardless of USDX action this has happened before I don't see any reason that it can't happen again.

[rufffen]

First post updated 12th July 22:00 GMT.

[rufffen]

EUR/JPY Thursday update: Watching price action on 1hour charts Im pretty confident that this item will dive to 145.40-145.60 anf that point onwards will try for the highs around 147.20-147.40 will fail to break it Id say best idea is to wait for retest of recent highs short that item 147.00-147.60 since Id expect this to be the last retest of the highs before a continuous downtrend kicks in.

GBP/JPY: This item is overshooting to extremes GBP/USD seems to be the main driver of WILD price action here however once EUR/JPY starts to go SOUTH continously this item will follow the suit.

Wont recommend any position on any items waiting for EUR/JPY to drop retest recent highs to short both items.

[rufffen]

USD/JPY Update: Rates out Friday so Ill stick with SOUTH scenario on YEN Id say we can spike up to 116.20-116.40 then go all the way down (up to 400 pips down) but I don't expect it to make to 112 in one day.

If things start to move past 116.20-116.40 mark on yen Id wait for a possible topping action around 117.40-117.80 go short again with stop around 118 area - this could be an option if the rates remain the same.

Once YEN starts dropping Id look to short crosses too but so far I cant recommend any good trading setup since GBP/JPY is overshooting too much.

[rufffen]

EUR/JPY has to stay below 147.60 for anyone to consider shorting it otherwise 147.60 might not be an absolute top.

[rufffen]

GBP/JPY update: This item just cant get enough of action still going NORTH I spot reversals counting fractals this fractal is just crazy 2 more 1 hour cles I think the 213.80 is toast. 213.00 is Dec05 high 213.60 is a more recent high lets see if this item reverses soon I see a valid 3tops/2bots fractal which is a strong reversal signal.

[iceburg500]

the GBP/JYP has been stubborn lately lets see if the BoJ rate hike acts as a calalyst compliments your technicals.

Ive been trying to short thing p for a month now lets see if this is indeed a top for a nice fall coming today.

[rufffen]

EUR/JPY update 2100GMT: If yen goes NORTH (no rate hike) this item can break the recent high test the 148.20-148.80 areas if it breaks above recent high (147.40) look for signs or reversal around 148.40 148.60 148.80 Id say these levels are good spot on levels to take some low risk shorts if this item breaks the recent high.

Waves currently pointing NORTH both EUR/JPY GBP/JPY.