USDJPY Breaking out of a Triangle, EURAUD Looking Bullish

Intermediate

Hi traders,

USDJPY is nicely breaking above the 111.07 level, showing early evidences of a completed triangle correction in wave 4 of a higher degree, and that wave 5) is in progress. In such case be aware of more gains, ideally in impulsive (five-wave) fashion, targeting 111.4/111.50 area, where triangle measurement projects end of a final leg. However, if price breaks above this area, then 111.8 zone would be the second projection target for a turning point.

USDJPY, 1h

USDJPY 1h Chart 2019-02-28

That said, a later drop in three legs, and below the 110.65 level would confirm that the pair is turning.

USDJPY, Daily

USDJPY Chart Daily 2018-02-28

EURAUD is trading nicely higher as expected and there’s room for more upside towards 1.61 area or higher within a five-wave cycle. So, we remain bullish while it’s above 1.5880 invalidation area.

EURAUD, 30Min

EURAUD 30m chart 2019-02-28

Comments on this analysis

Your email address will not be published. Required fields are marked *


Latest News

The Forex Zone
The Forex Zone – Risk On

The US Dollar and the Japanese Yen weaken as the risk on environment continues. The Forex Zone looks at day trade themes for the major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: Risks flip back higher A very whipsaw session Thursday through the ECB with an initial selloff through to just hold … Continued

EURUSD Chart
Euro in focus into key European Central Bank (ECB) Meeting

All eyes will be on the European Central Bank (ECB) Meeting today, which much anticipation around a more dovish shift. US Dollar weakness has seen EURUSD rebound in September with a resumption of a global “risk on” theme, but the EURUSD Forex rate losses over the past 24 hours highlight caution into the meeting. EURUSD: … Continued

aud usd chart
Australian Dollar stays strong in risk on scenario (AUDUSD)

The “risk on” phase has contoured into the second week of September as global geopolitical tensions ease. Positive news in early September regarding Brexit, the US/China trade war and from Hong Kong have seen stock markets advance higher. This positive news for the global economy has encouraged a push higher for the Australian Dollar, which … Continued

eurusd
Euro firm ahead of the ECB (as US Dollar weakens)

EURUSD gains over the past week have primary echoed US Dollar losses, as global financial markets have shifted to a “risk on” mode, with global geopolitical tensions easing. Positive news last week around the US-Sino trade war, Brexit and from Hing Kong have seen stock averages rally, whilst the US Dollar has weakened, having been … Continued


Forex Brokers in your location