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Price & Time: Second Half of the Week Turn Window for the Yen

Price & Time: Second Half of the Week Turn Window for the Yen

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Important cyclical relationship approaching in USD/JPY
  • EUR/USD rejected by minor retracement
  • Gold reverses just shy of key Fibo

New to Currency Trading? Learn More HERE

Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: EUR/USD

PT_APR_15_body_Picture_3.png, Price & Time: Second Half of the Week Turn Window for the Yen

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD has come under steady downside pressure since failing last week at the 78.6% retracement of the March/April range near 1.3900
  • Our near-term trend bias is positive on the Euro while over 1.3745
  • A move through 1.3900 is needed signal a resumption of the uptrend
  • A minor cycle turn window is seen later this week
  • A move under 1.3745 will turn us negative on the Euro

EUR/USD Strategy: Like being square for a few days.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

1.3705

*1.3745

1.3795

1.3845

*1.3900

Price & Time Analysis: GOLD

PT_APR_15_body_Picture_2.png, Price & Time: Second Half of the Week Turn Window for the Yen

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD failed a couple of dollars shy of the 50% retracement of the March to April decline at 1334 on Monday
  • Our near-term trend bias remains lower in Gold while below 1334
  • A move under 1300 is needed to re-instill immediate downside momentum
  • An important turn window is seen next week
  • A daily close over 1334 will turn us positive on the metal

XAU/USD Strategy: Like the short side while 1334 caps.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

*1277

1300

1305

*1334

1350

Focus Chart of the Day: USD/JPY

PT_APR_15_body_Picture_1.png, Price & Time: Second Half of the Week Turn Window for the Yen

The high for the year in USD/JPY was recorded back on January 2nd at 105.43. That will be 105 calendar days at the end of the week. Simple Gann analysis suggests to be on the lookout for a change in trend (or possible acceleration in trend) around this time. This is one of Gann’s simpler methods, but also one of the more compelling. The next couple of days leading into this turn window should shed some light on what will come out of it. Strength would likely set up some sort of secondary high while a move under the March lows could see a low of some importance develop.

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--- 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.

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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