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Greetings again, Everyone for a Brief Update!
The Asian-Pacific Sectors closed in Mixed Territory, as the European Bourses look to open a bit Higher today.
The overall “Stars of The Show” are still the Commodity Metals Sector and Crude Oil, which despite rather “Shallow” Corrections, continue their Ascent.
The “Sentiment of Uncertainty” we discussed in our earlier Big Blog Post is certainly still with Us… as overall Currency Pricing is seen in Accumulating and Consolidating Phases… especially in The Majors.
We are still working in rather Clear IntraDay Ranges, as Price works through Tendencies of Indecision.
While The Dollar is still largely Out of Favor on the Macro-Trend Views… we are always Mindful of Reversal taking Pace after Price Accumulation and Consolidation, so let’s have a look at The USD/JPY… and see the Current State of this particular “Battle of Risk Appetite/Risk Aversion”.
Here is the Daily and Hourly Views with Commentary above, so give The Captures a Click for Levels of Reference.
Post-Time is 7:20 GMT.
The Daily View sees a slight Correction of Yen Strength, as Price Corrects back to Static Support at the 97. 70’s Area. Continuation to the 98.80’s Area is certainly In reach here, as a Clip of the Double-Top Formation at this Levels sees the 99.70’s Resistance Area In Sight.
The Hourly View gives us more Insight into the Accumulation and “Rest” that we are currently seeing in most Units… as Price maintains a Well-Defined Range.
Further Immediate-Term Correction sees the 97.20’s as the Pullback is “In Concert” with the overall Trend, as more Bullish Builds may be attracted here to push Price to our 98.80’s Resistance Areas from The Daily View.
Please have a look for more Immediate-Term Detail on The Majors with the “Currency Majors Technical Perspective” Report , and of course… I will be with you for more Updates as we move along… and especially as we await the Weekly Jobless Claims Numbers out of the U.S., which may give a bit more Insight into the Dis-Connect with last Week’s NFP Data.
Please Join Me Soon!
