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USD/JPY Harmonic Analysis

Technical Confluence Accompanying the AB=CD pattern is price shaking hands with the lower Bollinger Band (set to three standard deviations) and the Relative…

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Market Analysis

Technical Confluence

Accompanying the AB=CD pattern is price shaking hands with the lower Bollinger Band (set to three standard deviations) and the Relative Strength Index (RSI) exiting oversold territory. Therefore, the supporting technical confluence—momentum and volatility indicators—suggests a short-term push to the upside may unfold, targeting the aforementioned Fibonacci retracement ratios.

USD/JPY Harmonic Analysis, FP MarketsCharts: TradingView

Meanwhile, after consumer prices in the US cooled to 5.0% in the twelve months to March, the US dollar fell sharply, according to the US Dollar Index.


Disclaimer: The information contained in this material is intended for general advice only. It does not take into account your investment objectives, financial situation or particular needs. FP Markets has made every effort to ensure the accuracy of the information as at the date of publication. FP Markets does not give any warranty or representation as to the material. Examples included in this material are for illustrative purposes only. To the extent permitted by law, FP Markets and its employees shall not be liable for any loss or damage arising in any way (including by way of negligence) from or in connection with any information provided in or omitted from this material. Features of the FP Markets products including applicable fees and charges are outlined in the Product Disclosure Statements available from FP Markets website, www.fpmarkets.com and should be considered before deciding to deal in those products. Derivatives can be risky; losses can exceed your initial payment. FP Markets recommends that you seek independent advice. First Prudential Markets Pty Ltd trading as FP Markets ABN 16 112 600 281, Australian Financial Services License Number 286354.

Opinions are personal to the authors and do not reflect the opinions of LeapRate. This is not a trading advice.

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