EUR/JPY CYCLES UPDATE Part1

[rufffen]

iceburg500 In first post its clear that I ask to refrain from posting in this thread, so please do that in the future, thank you!

[rufffen]

Right about now could be a good idea to short GBP/JPY, there is a wolfe wave pattern with a slight overshoot over normal ratios on 1 hour chart, however Id say this fractal still looking good for 209, Id put my stop at 214.60, this item is trading at 213.60 on my platform at the moment.

[rufffen]

Just an update: NO POSTS IN THIS THREAD PLEASE, KEEP IT CLEAN!

USD/JPY: As long at 116.80 holds we will see more downside soon, two targets initially 114.90 and 113.90. This item broke weekly resistance area1 and trading above monthly balance area, however next weekly resistance area low border is 116.50 and upper border is 117.40, so as long as the price doesnt reach the 117.40 / better yet 116.80 definately more downside to come.

Id say 113-114 is safe, however might accelerate to 110 soon. Daily WAVE structure doesn't shed any light on possible direction, so I use high probability areas for reversals and channel setups and patterns instead.

[rufffen]

EUR/USD. This item might start to retrace north at 2600 levels, or around 2540-2580 area, look for a clear reversal signal, good opportunity to go long.

Monthly support line 3 broken (2650) which is an indication that this item might visit support line 4 at 2510 and retrace there.

GBP/USD. An extended dive of max 120-150 pips from current levels (1.8360) could be in place, before a new retrace north and a good opportunity to get in long.

USD/JPY: This item broke resistance line 3 (monthly) and can test the resistance line 4 at 117.40, this would be an excellent area to take small shorts.

YEN Crosses: Id wait for action on majors, especially on YEN to establish a valid topping action, before initiating any trades.

Overall idea is to give more time for YEN to top out, and EURO and CABLE

GBP/JPY: Closed at b/e since the markets seems to be undecided.
to bottom out and to sell high / buy low.

[rufffen]

EUR/JPY update: Wave count on 1 hour chart attached. Indicating topping action around 147.80.

[rufffen]

Levels for next week are updated in the first post, please see the attached scorecard.

[rufffen]

GBP/JPY 1 hour chart is attached with the possible reversal levels to watch next week. Im confident that item will reverse for 212 soon, however can't confirm the time just now.

[rufffen]

NZD/USD potential setup: This item looks like its advancing SOUTH with a slight retrace NORTH from the previous degree wave in the downtred, Id look to short at 6220-6260 area with a tight stop, target would be 0.5940 initially. Lets see if this signal is confirmed next week, Id like to see 6150 break with a strong candle too.

AUD/USD: I spotted a fractal on 4 hour charts and appears this item is stalling, although direction is NORTH. Id like to see it top out around 7720-7740.

This trades are secondary, some of them are developing fractals, so Im monitroing these currencies to see how the fractals react.

Currently monitoring 3 fractals, AUD/USD (moving NORTH, so will try to sell weakness at the top), EUR/AUD (moving SOUTH, so will try to buy strenght at the bottom), NZD/USD (looks like a good SHORT setup for .5900).

USD/JPY fractals are undecided, longer-term looks like they point towards 109-112, which is consistent with a new downtrend on EUR/JPY.

CABLE and EURO fractals are pointing way SOUTH, EURO 1.23 1.19 1.16 and CABLE 1.8100 1.7800 1.7300, but that's longer-term setups.

USDX fractals points that dollar will regain grounds (WEEKLY), Id say 2007 will see it establish above 92-96 area.