A Blog of Commentary and Ideas from an FXstreet Premium Member by 
Greetings again, Everyone!
While we are at The NYSE Open with The Dow and S&P opening a bit “Flat” inching up at a Fractional pace… we can still look to The Indices for our Correlations over these last few days of Risk-Averse Behavior.
We may even see some of what I call “Typical Tuesday Corrections” that we have seen over the past several months…where we have significant Depreciation across many Currency Units and Commodities… ( although as we have discussed, The Major Comms are still under a great deal of Heat…)
Testing various Levels across most Markets are still “The Plays of the Day”, and our two Major Yen Crosses are no different.
( Just as an Indication of this thought… we are already down after 30 minutes of The Open… )
So we check in with EUR/JPY and GBP/JPY on The Hourly Views, as it will be interesting to see where we end up later in the Day concerning our Macro-Correlations.
Here are The Captures for a Click with Commentary above, and Post-Time is 14:00 GMT.
While very Short-Term Corrective Appreciation may be seen across most Yen Crosses, we are still in Risk-Aversion Mode, so be sure to watch those Counter-Positions that you may favor. The Yen has been a bit more “Elusive” than The Dollar in this Area.
The EUR/JPY gives us an IntraDay Wedge Pattern to work with here, capped by out Longer-Term Channel Line. The Key in my personal View, will be to see if Price can Breach the Lower Trendline and move South through the 132.40’s. If this is the Case, than it open up the Mid-131’s in The near-Term as we monitor The Indices for Correlation.
The GBP/JPY also presents a little Continuation Wedge-Like Behavior here, where the 154.40’s “Transitive Rollover” will be The “Make or Break” Scenario IntraDay for the next few hours.
The Weekly 38.2% Fibonaci Confluence with Static Resistance will be a Key Area to Breach out of the current Depreciation., although Price is already Negating our Lower “Wedge” Trendline as the 153.00 Handle becomes attractive in The Immediate-Term.
As always, more Updates to follow as we move around in our still large Macro-Ranges for all of you Longer-Time Cycle Viewers ( like myself ), and as always, check in with the IntraDay Views for our Shorter-Term Friends!
It is once again going to be an interesting Day, so please join me soon!
