EUR/JPY CYCLES UPDATE Part1

[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.

[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.

[rufffen]

EUR/USD mid-term update: This item looks like it's going to reach 2510-2540 in next 2 weeks, from that point onwards, its decision time, either it rebounds to 2880 area of dips lower beyond monthly support zone (2420-2510) to 2340. Id say support is strong, so likely to revisit 2880 before dipping beyond 2500.


GBP/USD mid-term update: This item will trade below current levels, however losses limited with 7900-8080 area, which is monthly support zone. Good idea to buy recent June lows for a retest of the July highs, Id say any losses below 8000 are capped.

Currently Im looking to short GBP/USD topping action around 8480-8520, TP +120 SL 8580, updated on the first page of the thread in the attachment.

[rufffen]

EUR/USD quick update: Looking for a new low to be made either today or 19th July, and a new high either Thursday or Friday this week. Lows to watch out for 2540 2560 2574 2587, Im fairly confident that losses wont extend below 2520.

[rufffen]

GBP/USD for UK open: Those of you who are looking to go SHORT, can do that at the current price levels (8380) or at 8420 targeting 8260 8240 8220, Cable is setting up for a nice triangle breakout, and downside got more potential right now. My SL would be just 8440-8460 area, which gives r/r of 2:1, that's OK in my book.

Better trade setups still to BUY BOTTOM on both CABLE and EURO, all the entry prices and TP SL levels updated in the first post in this thread.

[rufffen]

GBP/USD UK update: Those of yous who shorted, are +127 by now, I closed the SHORT trades,

To go Long you can have 3 best levels 8070 8140 8190, all of the BUY targets remain the same 8400 initially and maybe 8680 later on.


Im currently looking at YEN crosses, however USD/JPY is still rallying NORTH, so Id wait for it to reverse SOUTH and post entries for crosses. Now it's a bit early to enter.

[rufffen]

SL on cable trade will read as 8020 if you enter at 8070, 8120 if you enter at 8140 and 8140 if yous enter at 8190, wait for a clear reversal signal. Im waiting for yen to top out 117.10-117.60 to go LONG EUR and CABLE.