USDJPY and Crude oil Update

Intermediate

Hi traders,

Stocks have seen another leg down yesterday during the US session so it’s not a surprise that Nikkei keeps moving lower which makes JPY very strong in this risk-off environment with lower Yields/ higher notes.

Notice that USDJPY made only a three wave rally from recent low so pair remains bearish and looks like it may get back below 110.75 into a fifth wave.

USDJPY, 1h

USDJPY Chart 2018-12-21

Crude oil fell to a new low; we see it in fifth wave of decline so downside can be limited near 2nd triangle measurement target at 45.00. Rally above 48.00 will indicate a turn.

Crude oil, 30Min

OIL Chart 2018-12-21

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