Giuseppe Basile, CSTA/IFTA
FibStalker Trading
Algos on weekly USD/JPY suggesting a move lower into 114.90.
Summary: We kept an eye on our EUR/AUD trade which is still behaving well. If BOJ is a mover tomorrow we may get the 1.5235 target hit during the reaction to the news. This is a ~ 21R/R trade (or 10.75 if you adopt a risk-free approach, which I do consistently).
We briefly discussed the S&P500 futures (1,797 confirmed level to watch) and it is possible that BOJ might write the history of the current US stock market cycle.
We reviewed of course the USD/JPY in advance of tomorrow big event. The weekly is suggesting a medium-term move lower at least into 114.90 (but price could move much lower) . However this market has to find and test the level short. I suggested one such levels could be 119.80. We will see what happens tomorrow . On H4 is still showing support at 118.60 area with daily and H4 targets at 119.30
We reviewed the GBP/JPY market that is trading in extension shorts and it has a lot of room on the downside. The current reaction higher seems to have a great probability to stop soon for a continuation lower into potentially 160.20 and 154. I love this market and I am going to watch it next week for a short in the 172.20 area.
GPB/USD has a very similar chat as GBP/JPY. The Pound is weak against both USD and JPY and may not react at all to BOJ news tomorrow. The most immediate target for this market, that will resume the move lower after the current reaction higher has ended, is around 1.3960.
Finally we reviewed NZD/USD which has recently traded weekly longs and is trading 15min longs that could bring price into 0.6530 level.
See you next Sunday at 8.00PM EST to start a great week of trading. I trust GBP/JPY may offer a good swing opportunity. Next week, may also be the week when USD/CAD resumes its move higher once 1.3770 will have been tested.
Happy Week-end.
FibStalker
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