USD/JPY is finally topping out this year at our 162-164 resistance area, where we called the end of a big ending diagonal on the daily chart. Notice that the price is now falling sharply and impulsively through the lower trendline support and straight, all the way down to the starting point of the wedge pattern, which we see it as ongoing first leg (A) of a minimum larger three-wave A-B-C reversal down.
What's even more important is that we can see an impulsive decline in progress, with pair now trading at new lows,so it s sfifht wave, ideally an ending diagonal that can be slowly coming to an end; ideally, this moth we will see a bottom in 138-140 area.
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
By using Wavetraders website, any services, products, and content contained here, you agree that use of our service is entirely at your own risk. You understand that there is a very high degree of risk involved in trading on the markets. We assume no responsibility or liability for your trading and investment results. The charts, and all articles published on www.wavetraders.com are provided for informational and educational purposes only!
By using the information and services of www.ew-forecast.com you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you.
Recommended Content
Editors’ Picks
How will inflation data impact USD valuation? – LIVE Premium
The US Bureau of Labor Statistics will release August Consumer Price Index data on Wednesday. Investors will scrutinize the inflation report to figure out whether there is a strong chance of a large Fed rate cut in September.
EUR/USD trades with moderate gains near 1.1050, US CPI awaited
EUR/USD is holding the bounce near 1.1050 in Wednesday's early European session. The pair draws support from the USD/JPY slump-driven US Dollar weakness. The further upside may be limited due to dovish ECB expectations. All eyes now turn to US CPI data.
GBP/USD reverses below 1.3100 after dismal UK data, US CPI eyed
GBP/USD is easing below 1.3100 in European trading, unable to defend gains after the dismal UK data. The UK economy stagnated in July again while Industrial Production unexpectedly declined, weighing on the Pound Sterling. US CPI report is next in focus.
Gold rallies up to all-time-highs on Fed outlook, USD weakness
Gold cycles back up towards the top of its three-week range, trading just shy of $2,530 on Wednesday. The precious metal keeps oscillating as investors debate the size of the cut the Federal Reserve (Fed) will make to interest rates at its September 17-18 meeting.
Five Fundamentals for the week: Jittery markets fear the ECB, US inflation and more Premium
Is there still a chance? Investors hope for a 50-bps rate cut from the Fed but also fear a global recession is underway. The world's three largest economies, the US, China, and the eurozone, are set to rock global markets.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.