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November 4, 2021
Crude traded up to 84 (a bit above) and has gone straight down since. 82.20 is now proposed resistance if crude bounces. Downside focus is the July high at 76.98 and possibly the top side of the LONG TERM former resistance line (now support) near 73. The weekly chart below shows the this long term chart in its entirety.
November 3, 2021
Clarity is lacking ahead of FOMC as it pertains to general USD direction. The ‘break’ lower in the USD last week proved false but one can make the case that action since September high is 5 waves down and 3 waves up. The rally has retraced 61.8% of the decline too so it’s possible that price resumes lower now. Confidence in direction is extremely low right now. Hopefully, this clears up post-FOMC.
November 2, 2021
Action since the October high in EURJPY is probably a 4th wave. As such, expectations are for a 5th wave rally to a new high. A possible target is 134.29, which is the 61.8% retrace of the 2014-2016 decline and where the rally from the May 2020 low would consist of 2 equal legs. Watch for support near 132.00.