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Weekly Price & Time: Important Time Cycle Coming Up in USD/JPY

Weekly Price & Time: Important Time Cycle Coming Up in USD/JPY

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • EUR/USD trend bias turns positive
  • USD/JPY entering into important cycle window
  • Gold rebounds from key support zone

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

WPT_SEP20_body_Picture_3.png, Weekly Price & Time: Important Time Cycle Coming Up in USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD finally managed to overcome the 2Q13 high at 1.3415 on a multi-day closing basis
  • This shifts our broader trend bias in the Euro to positive
  • The 7th square root progression of the year’s low at 1.3545 is an important upside pivot with traction above needed to accelerate the advance towards important upside attractions at 1.3600 and 1.3665
  • A cycle turn window is seen around the first week of October
  • The 2x1 Gann angle line of the year’s low at 1.3370 is important support, but weakness below the September low near 1.3100 is required to shift the broader bias to negative

Weekly EUR/USD Strategy: Looking to initiate tactical long positions in the Euro.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3100

1.3370

1.3525

*1.3545

1.3600

Weekly Price & Time Analysis: USD/JPY

WPT_SEP20_body_Picture_2.png, Weekly Price & Time: Important Time Cycle Coming Up in USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY remains in consolidation mode below key Gann resistance levels at 99.65 and 100.65
  • While above the 1x1 Gann angle line of the February low in the 97.65 area our broader trend bias will remain higher
  • The 99.65 and 100.65 levels remain pivotal for the exchange rate with traction above the latter required to signal a broader upside resumption
  • A fibonacci time cycle turn window is in effect over the next few days
  • Only weakness on a multi-day closing basis below 97.60 would turn the broader technical outlook to negative in USD/JPY

Weekly USD/JPY Strategy: Tactical longs favored 97.60

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*97.60

98.60

99.35

99.65

*100.65

Weekly Price & Time Analysis: GOLD

WPT_SEP20_body_Picture_1.png, Weekly Price & Time: Important Time Cycle Coming Up in USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD touched its lowest level in over a month this week before finding support at the 1x2 Gann angle line of the year’s low in the 1294 area
  • While over this 1294 support level our broader trend bias will remain higher in the metal
  • The 61.8% retracement of the May to June decline at 1370 is now a key upside pivot with traction above neede to signal a broader upside resumption
  • A cycle turn window is in effect over the enxt few days
  • Weaknes below 1294 on a closing basis would turn the broader technical outlook very negative

Weekly XAU/USD Strategy: Like tactical long positions in Gold while above 1294.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

1273

*1294

1334

*1370

1419

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

This publication attempts to further explore the concept that mass movements of human psychology, as represented by the financial markets, are subject to the mathematical laws of nature and through the use of various geometric, arithmetic, statistical and cyclical techniques a better understanding of markets and their corresponding movements can be achieved

Looking for a way to pinpoint sentiment extremes in the Gold in real time? Try the Speculative Sentiment Index.

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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