Good day to all, last week I called the turn in the USDJPY was imminent as I was fully bearish above 114,
#USDJPY looking for a reversal at least towards the 38% or even the 61.8% level. I'm very bearish at current levels pic.twitter.com/w45Db7SHbS
— Alexandros Yfantis (@alexanderYf) May 9, 2017
also calling major support at 113 that if broken could push at least towards 112….
#usdjpy at cloud support, failing to hold 113 will open the way for 112 at least pic.twitter.com/glO3hljWlJ
— Alexandros Yfantis (@alexanderYf) May 16, 2017
Price has reached the important 61.8% Fibonacci retracement of the entire rise from 108.
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EURUSD, on the other hand, has broken out of the bullish channel and this could be a blow-off top. However, I would not be looking to sell it but rather look to buy it on dips back towards 1.08-1.07.
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USDCAD I’m bullish expecting a move towards 1.40 as I can see Oil weakening. Confirmation of this view will come with oil breaking below $48 and USDCAD breaking above 1.3720.
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GBPUSD remains inside the bullish channel and although we could see a pull back towards 1.28 again, I believe that eventually 1.31-1.32 could be reached.
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The Dollar index has reached very important weekly support so at least a bounce for the short-term is expected.
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NZDUSD Trying to break out of the triangle?
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That is all from me today….have a nice trading day and keep safe
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