EUR/JPY CYCLES UPDATE Part1

[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.

[rufffen]

EUR/USD UK update: If you are buying now (2520-2540) put SL 2460 and TP1 would be 2680 TP2 2740 TP3 2860 TP4 2920

USD/JPY: Can initiate shorts at 117.20 116.80 and upon break of 115.60 SL 118.00 initially (now) and trail with 60 pips TP1 114.80 and TP2 113.60.

PS on YEN: If this item breaks strong NORTH at the 117.60 levels that means we're bound for 119 on YEN, and EURO will slide to 2300 and cable to sub-8000, so make sure you trail YEN/CABLE/EURO possies once you are in profit, and if YEN breaks 117.60 cut your losses!

[rufffen]

GBP/JPY UK Update: SHORT at 212.40 (on break of 212.50 with strong candle) SL 213.60 TP 209.40.

EUR/JPY: flat for now

[rufffen]

That's a 30 min cable fractal Im trading for the NORTH setups, it's part of a big fractal, which points NORTH bound direction for euro and cable, meanwhile a big fractal on yen points south.

BTW, that GBP/JPY fractal I posted (W-shaped) worked out for 100+ pips, although I did label it incorrectly as wolfe wave, it's a frequent fractal on that yen cross, besides it was a typical double-top formation, so someone prolly caught that move early at the asian session, good on you!.