Hi all,
I'd like to share my view on USDJPY, one of the most
heavily-traded currency pair
What used to be a $4-trillion-a-day market is now a $5.3-trillion-a-day
one. A new Bank for International Settlements survey found that,
"Foreign-exchange trading surged to an average $5.3
trillion a day in April 2013, boosted by greater [Japanese] yen volumes.
“Trading in the yen jumped the most, rising by 63% since the
2010 survey. Turnover in the dollar/yen pair rose by about 70%.”
Back in April the yen was near the end of its 7-month losing
streak against the U.S. dollar. This week, the yen weakened again, pushing
USD/JPY higher.
In impulsive wave sequence, triangle wave formation is very
typical for wave 4. In this wave count, I suggest market has finished a
triangle a-b-c-d-e wave 4. And impulsive wave 5 is expected to be in the go. If
wave 5 is not truncated, I'm looking for this wave 5 to break extreme point of
previous wave 3 @ 103.73 (22.05.2013), to reach target of 105.00-106.00
Taking a closer look @ lower timeframe
M30 chart http://d.pr/i/jWYI -
In Monday Asia session, USDJPY gapped up. I suspect this is a
"break-away" gap, which implies bullish momentum. If market breakdown
decisively below this gap, I'd take it as early signal to question Bull team
and stand aside the market for more information.
Please give your comment on this. Thank you
Supaman_fx
Duc
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