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Sunday, August 29, 2010

YEN Crosses --what will be the Direction after rumors on Further Liquidity Easing Measures and Various BOJ Potential Actions?

Yen is still considered a Safe Heaven Currency irrespective whatever actions are to be taken by BOJ.
Last FRIDAY's YEN SELL-OFF was INITIALLY TRIGGERED by a Nikkei News report (early Saturday edition), stating the BoJ may move forward its September 6-7 meeting to next week. However, towards the London's Close, the weakening Dollars fueled the SELLING of Yen.


The early Monday  Asean trading session with  Bullish sentiments on Asian Equity has stamped the selling
 Pressure on the  Yen which shall now to be ON HIS USUAL Strengthening course 

The Further confirmation on the Easing Measures to be implemented by BOJ shall further Lift the Yen due to Risk Aversion.


1) USD/JPY



H4 with Ichimoku Chart








H4 with ab-cd Chart




Trading Analysis.


On the H4 chart with ab-cd completion drawn in Purple color, we expect the down-trend shall continue near term.
The Bearish divergence with negative sentiments shall drive this currency Pair towards the 84.24 ( Support 2, near the 23.8%  Fibo Retr), , below this level may expose 83.60 (its recent Low)


On H4 with Ichimoku chart, 85.00 is the Tenkan-Sen support, Going Below this Point shall drive down rapidly its next support level  at  84.50.


On the Upside,  PA breaching the 87.00 (50% Fibo level) will confirm its Bullish Reversal.




2)  EURO/ JPY




H4 with Ichimoku Chart




Daily with ab-cd Chart




Trading Analysis


On the H4 with completion of ab-cd which are colored in purple,, we expect the PA shall now be going down after minor  PULL back last Friday.The sentiments are bearish/negative biased.. Next Support at 107.02 (just below  the 61.80%Fibo) shall be tested soon, breaking it may expose 105.40 next


On H4 Chart with Ichimoku, we do note that 107.50 is a strong Tikun-sen support (Support 1 on Chart), breaking this support level shall expose its next support level near 105.40(Its recent Low)



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