EUR/JPY CYCLES UPDATE Part1

[rufffen]

Finally, one question needs to be addressed here, EUR/USD and 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, and 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 from that point onwards will try for the highs around 147.20-147.40 and will fail to break it, Id say best idea is to wait for retest of recent highs and short that item from 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 and 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 and 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 and 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 candles, and 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 and compliments your technicals.

Ive been trying to short thing pair 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 and 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 and GBP/JPY.