The USDJPY saw a mild rally during today's Asian session. Markets were boosted after Tokyo won the bid to host the 2020 Olympics. Economic data released earlier in the day saw the GDP figures pointing to a slow increase to 3.8% annualized rate.
However, as the European session opened, the Yen started gaining modest strength. In the absence of any major economic data for the rest the day, its quite likely for the USDJPY to be ranging rather than make any sudden big moves.
The pair is still at our key level. The Stochs currently at an overbought level sloping downwards indicating a possible move to the downside. We will continue watching this pair for now.
EURUSD: The EURUSD analysis was posted on Investing.com. You can read about the updated EURUSD analysis here. The key take-away is the 1.32375 level.
GBPJPY: This pair has been ranging for quite a while and has pretty much made up its losses post NFP last Friday. We also need to adjust the Wolfe Waves quite a bit. However, the bias remains the same, which is a long term upward bias with price action currently forming the point 4. So we expect a ride down to point 5 and then a rally higher.
However, as the European session opened, the Yen started gaining modest strength. In the absence of any major economic data for the rest the day, its quite likely for the USDJPY to be ranging rather than make any sudden big moves.
The pair is still at our key level. The Stochs currently at an overbought level sloping downwards indicating a possible move to the downside. We will continue watching this pair for now.
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| USDJPY - Wolfe Wave Updates |
GBPJPY: This pair has been ranging for quite a while and has pretty much made up its losses post NFP last Friday. We also need to adjust the Wolfe Waves quite a bit. However, the bias remains the same, which is a long term upward bias with price action currently forming the point 4. So we expect a ride down to point 5 and then a rally higher.
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| GBPJPY - Updated Wolfe Waves |
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