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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