Yen pairs are turning bearish with impulsive decline [Video]

Gregor Horvat Wavetraders

XXXJPY Japanese Yen crosses are turning strongly down from the highs after another BoJ intervention. And, with bearish looking Yields, seems like Japanese Yen may face further recovery, which can push XXXJPY cross pairs even lower.

AUDJPY remains under bearish pressure in the 4-hour chart and it can be still falling in an impulsive five-wave fashion, so after current corrective recovery, which we see it as 4th wave, watch out on further weakness within the 5th wave.

AUD/JPY four-hour chart

NZDJPY made a nice intraday corrective pullback in the 2-hour chart, ideally for subwave »iv« or maybe even a higher degree black wave 4, so more downside pressure can be seen for the 5th wave.

NZD/JPY two-hour chart

All that being said, looks like XXXJPY crosses are turning bearish and we can expect even a higher degree bearish reversal, but as soon as five-wave decline is finished, there will be a higher degree corrective recovery that will take some time before bears will resume.

For more analysis like this you may want to watch below our recording of a live webinar streamed on July 29 2024:

Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.

Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

EUR/USD looks apathetic around 1.1770

EUR/USD comes under renewed pressure on Tuesday, deflating below the 1.1800 support and reversing two consecutive days of gains. The pair’s decline follows the persistent move higher in the US Dollar, as trade uncertainty dominates the sentiment ahead of President Trump’s SOTU speech.

GBP/USD regains 1.3500 and above

GBP/USD extends its advance for the third day in a row on Tuesday, this time retesting the area beyond the 1.3500 hurdle. Cable’s uptick comes despite decent gains in the Greenback and the dovish message from the BoE’s Bailey at the UK Parliament.

Gold appears offered around $5,150

Gold is giving back a good portion of the recent multi-day rally, receding to the $5,150 zone per troy ounce amid the decent bounce in the US Dollar and mixed US Treasuty yields. In the meantime, markets’ attention remain on upcoming comments from Fed speakers.

Ripple’s DeFi shift in focus: Navigating XRPL EVM sidechain growth, XRPFi migration and liquidity

Ripple (XRP) has continued to trade under pressure, extending its decline by approximately 63% from the record high of $3.66 in July. The remittance token is trading above support at $1.35, while its upside appears limited by key supply zones, starting with $1.40, at the time of writing on Tuesday.

The Citrini report: How a debatable AI narrative can shake Wall Street

That AI-related headline alone was enough to rattle investors.US stocks slid sharply on Monday after a widely circulated Citrini Research memo outlined a hypothetical “2028 Global Intelligence Crisis”, warning that rapid AI adoption could push US unemployment into double digits as early as by mid-2028.

XRP pressured by weak ETF flows and declining retail interest

Ripple (XRP) is edging lower, trading above its intraday low of $1.32 at the time of writing on Tuesday. The decline from its weekly opening of $1.39 reflects heightened volatility in the broader cryptocurrency market, accentuated by tariff-triggered uncertainty.