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Happy Friday Everyone!
Post-Time is a bit early tonight… at 2:20 GMT… so I may cover some of what I like to call “Transitive Rollover” with the Yen Unit itself.
Concerning our “Momentum Superstar of the Week”… USD/JPY… it should be no surprise here that we are beginning a momentum-based corrective retracement here…. hence the “Transitive Rollover” term.
We see this when the Markets simply “flow” into each other, and begin corrective gestures from Session to Session.
With the complete “unwinding” of the Yen as a “Risk Aversion Unit”… the beautiful Double-Bottom “W” Formation continues along… with Parity at the massive psychological and round number Level of “100.00″ in clear sight.
In accordance with the “integrity” of this Uptrend… Fractal corrective moves are always required.
Technically, we have significantly breached our Daily Uptrend Channel, although… in my personal view…our Magenta Channel is still valid for retracement reference… so it will remain for now.
Give the Captures a Click, as always…
Down on the shorter-term Hourly… these “potential” retracements levels come into view and we have a 38.2% Confluence Fibonacci Area that may come into view.
Let’s check back in during the London/European Session and see if our retracement levels actually came to fruition.
We will get back to the two “main” Yen Crosses as well… as we are seeing my “Transitive Rollover” idea there as well…so we will cover them in a few hours with the next Update!
