USDJPY DAILY

Market Update 3/24 – A Look at Select Yen Crosses

Yen crosses are going through the roof. On a very long term basis, the evidence suggests that they could go A LOT higher. For example, the weekly chart below highlights the breakout above the trendline that originates at the 1990 high! That’s significant. In the near term however, my ‘guess’ is that a pullback is around the corner. USDJPY is closing in on the noted channel from the 2016 low. That’s about 122.70. Major support is anywhere between 117.00 and 118.60s.

CRUDE OIL WEEKLY

Market Update 3/9 – Nasdaq Holds and Crude Oil Reverses

That was a blowoff top in crude oil. Interestingly, resistance came in at the same parallel that nailed the Gulf War high in 1990. I’m not going to get into detail on the near term charts just yet other than noting 97.60s for support and 115.50 for resistance. Also, USO completed a high volume 2 day reversal. This last happened in September 2019 (see below).

CADJPY 4 HOUR

Market Update 2/21 – Yen Crosses Lower?

CADJPY is nearing the bottom of the 2022 range. Weakness below the 1/24 low would leave a series of lower highs and lower lows since the January high although 2 legs down from that high is possible support at 89.12. The bigger level is the 161.8% extension, which intersects the lower parallel of the channel from the March 2020 low at 87.55. 90.40/60 is resistance. A zoomed out chart is below.

SPOT GOLD DAILY

Market Update 2/14 – Gold Breakout and Crude Resistance

Gold has broken out and the next level to focus on is 1920. This is near the June high and possible channel resistance from the channel that originates at the September low. It’s also the 2011 high. If price pulls back then support should be 1842/47. The top of this zone is the center line of the noted channel. The bottom of the zone is the top side of former trendline resistance.

EURJPY 4 HOUR

Market Update 11/1 – EURJPY Elliott Pattern and Trade Idea

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.