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USD JPY Needs Strong Equities Market to Trigger Breakout Rally
By: James Hyerczyk - 05-08-2008
0votesThe stronger stock market overnight should help support the USD JPY early today. Yesterday's strong close has the market in a position to challenge last week’s swing top at 108.38 to resume the uptrend. The pair of tops at 108.42 and 108.59 is still key resistance point. A break out through these prices should attract new buyers who drive the market to a major 50% price at 109.94.
The inability to rally through the tops may lead to traders throwing in the towel at current levels. If this occurs, then look for sellers to hit this market hard on a move through 107.27 - 107.26. If this area fails, then look for a break to 106.07 to 105.52.
PATTERN
Main Trend: Up
Main Trend Top: 108.38 (07-31-08)
Main Trend Bottom: 103.76 (07-16-08)
PRICE
109.94 50% Retracement
108.59 Main Trend Top (06-16-08)
108.42 Main Trend Top (06-25-08)
108.38 Main Trend Top (07-31-08)
108.31 Overnight High
108.26 New York Close
107.65 Overnight Low
107.27 Minor Trend Bottom (08-01-08)
107.26 Gann Angle Up
106.07 50% Retracement
105.52 .618 Retracement
105.51 Gann Angle Up
TIME
Aug 5 180-Day Cycle
Aug 7 180-Day Cycle
Attached Images
Next Analysis: Euro/Dollar would trade in narrow ranges before Fed’s decision today and ECB meeting on ThursdayContent Provided by:
James Hyerczyk
James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association.
Mr. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor.
DISCLAIMER:
Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor. The value of currencies may fluctuate and investors may lose all or more than their original investments. Risks also include, but are not limited to, the potential for changing political and/or economic conditions that may substantially affect the price and/or liquidity of a currency. The impact of seasonal and geopolitical events is already factored into market prices. Prices in the underlying cash or physical markets do not necessarily move in tandem with futures and options prices. The leveraged nature of FX trading means that any market movement will have an equally proportional effect on your deposited funds and such may work against you as well as for you. In no event should the content of this correspondence be construed as an express or implied promise or guarantee from James A. Hyerczyk and J.A.H. Research and Trading or its subsidiaries and/or affiliates that you will profit or that losses can or will be limited in any manner whatsoever. Loss-limiting strategies such as stop loss orders may not be effective because market conditions may make it impossible to execute such orders. Likewise, strategies using combinations of positions such as "spread" or "straddle" trades may be just as risky as simple long and short positions. Past results are no indication of future performance. Information contained in this correspondence is intended for informational purposes only and was obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
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