Yen Is Expected To Strenghten Across Board.

On 3rd June we had an analytical report titled What the Charts are saying about Yen. We saw how Yen has dipped for many years, from 2011 and making a 4 year low.

We made comparisons with other Yen pairs and forecast an imminent reversal in the event of things, but not until further movement up.

We forecast levels of reversal for UsdJpy, CadJpy, GbpJpy, AudJpy. Among all these pairs, we chose to look closely at UsdJpy and CadJpy

#UsdJpy

Price broke above the intraday triangle (intra day wave 4) to move in a clear 5-wave impulse to the upside. 

The intraday wave structure is labelled below.

 

 

The wave intraday 5-wave perfectly fulfill all elliot wave rules and guidelines for an impulsive wave.

As expected, price crashed below the 4th wave and then retraced to 124 which is a good intra day resistance. 

Price could crash further to 119 ( the low of the longer term 4th wave).

 

We took our sell order at 124 last week with stop loss slightly above 126 and our first ultimate target at 119. 

 

We had the courage to take this trade because we percieved the Yen might start strenghtening across board and with a deeper bearish corrective bias on Usd Index. 

 

#CadYen

 

After the completion of the triangle 4th wave, we took the ride up and exited at 101 for  a profit of 170pips.

 

 Price forming a rejection sign at a crucial resistance level. It might start falling from there as expected

 

 

 

Updates will come later.