XXXJPY Yen pairs are turning bearish with impulsive decline [Video]
|XXXJPY Japanese Yen crosses are turning strongly down from the highs after another BoJ intervention. And, with bearish looking Yields, seems like Japanese Yen may face further recovery, which can push XXXJPY cross pairs even lower.
AUDJPY remains under bearish pressure in the 4-hour chart and it can be still falling in an impulsive five-wave fashion, so after current corrective recovery, which we see it as 4th wave, watch out on further weakness within the 5th wave.
NZDJPY made a nice intraday corrective pullback in the 2-hour chart, ideally for subwave »iv« or maybe even a higher degree black wave 4, so more downside pressure can be seen for the 5th wave.
All that being said, looks like XXXJPY crosses are turning bearish and we can expect even a higher degree bearish reversal, but as soon as five-wave decline is finished, there will be a higher degree corrective recovery that will take some time before bears will resume.
For more analysis like this you may want to watch below our recording of a live webinar streamed on July 29 2024:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.