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Key Highlights USD/JPY started a consolidation phase above the 154.00 zone. A major contracting triangle is forming with resistance at 155.30 on the 4-hour chart. Bitcoin remains in a strong uptrend and traded to a new all-time high above $95,000. EUR/USD dipped further and traded below the 1.0500 support zone. USD/JPY Technical Analysis The US […]

The post USD/JPY Consolidates: Is a Fresh Upside Move Ahead? appeared first on Action Forex.

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07/06/2024

Cliff Notes: Travelling a Bumpy Road with Confidence

Key insights from the week that was. Australian Q1 GDP printed broadly as expected, rising 0.1% (1.1%yr). There were some surprises for consumption however, a firmer-than-anticipated gain of 0.4% in Q1 – thanks in part to major events like Taylor Swift Era’s Tour and the Formula 1 – and an upward revision to tourism-related spending […]
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Sunset Market Commentary

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Elliott Wave View on EURJPY Expects Rally to Fail

Short term Elliott Wave view on EURJPY suggests cycle from 8.16.2024 high ended at 155.14 as wave A. Internal subdivision of wave A unfolded as 5 waves impulse. Down from 8.16.2024 high, wave ((i)) ended at 160 and wave ((ii)) rally ended at 162.89. Wave ((iii)) lower ended at 155.446 and rally in wave ((iv)) […]