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Taking a look at 4 hours charts, the pair seems ready to recover the bullish strength, as both indicators are pointing in that direction, yet still giving no clear signal: the zone between 108.60/70 is the first resistance to consider, a congestion zone where also converges the 200 EMA in 4 hours charts. A confirmation above this point, will send the pair first to the zone around 109.00 and if wins momentum there, to 109.55, yet not seen for today. To the downside, supports will be at 108.21, 107.98 and yesterday’s minimum zone, around 107.60.
Thanks for the nicely presented chart; it helps to look at this currency pair in a four hour view; and your red and blue candlesticks help provide insight.
The slight rise in the USD/JPY, and the large sized drop in the EUR/JPY, sent the US Dollar to a new high.
Said another way, the commodity currencies sold off; and as a result the consumer currency, the US dollar, rose.
Commodities such as gold, silver, agricultural commodities, grains, fell; as did the commodity stocks such as OIH, GDX, and XME, and the BRIC countries, EEB such as Brazil, EWZ, which produces the commodities.
Consumer stocks such as housing, XHB, and retail, XRT, rose.
My investment maxim is in a bull market be a bull; in a bear market be a bear. In a bull market, one buys on dips; in a bear market, one sells into strength.
There is a bear market in the USD/JPY, so the uptick indicated in the chart is a good price to sell from.
One can find more analysis on the enclosed link.
Hi Richard! thanks for bringing in some commodities in formation, But this is yesterday’s analysis! I know, previous blog format has that one advantage on this: date was much clearer!
Regards
Val