Waves.Forex - The Yen Rieki – II

Last time we talked about intermediate Rieki on JPY. This time we have reinforced it with the Rieki of a larger time frame. The smoother Rieki (middle) is for a primary (multi month) degree and the bottom Rieki is the intermediate (multi week) degree. What does plotting Rieki’s of two time degrees tell us? They tell us that JPY should underperform on both multi week and multi month time frames against dollar.

The dollar strengthening case becomes stronger when we see that the EUR USD has retraced back 50% of its recent up move and is now struggling below 1.3. The pair failed to breach past 1.29 suggesting the correction up might be over. In case 1.29 breaks, the alternate case carried in the report suggests 1.33 and above. This remains a low probability case now.

GBP has shown more strength than EUR as it has only retraced 38.2% of its recent upmove against USD. However if prices breach 1.57, it would indicate that the upmove has resumed.

We expect JPY USD to head towards 88. Both CAD and AUD strengthened. However the intermediate trend points to weakness for the respective currencies. With a positive divergence in RSI we are looking at a completing pattern in CHF. Prices should soon head towards 1.07

Enjoy the latest Waves Forex.

Jyoti Nangrani, CMT (Chartered Market Technician) from the Market Technicians Association. She has 5 years of experience in Technical Analysis covering Equity and Commodity markets. She holds a Masters diploma in E-Business and is currently pursuing the MS Finance from ICFAI, Hyderabad. She is a Technical Analyst at Finquest Securities Pvt Ltd on the Institutional Desk. She worked as a part of the core strategy team at Tower Capital devising CRM and MIS systems for Debt/Equity and Commodity divisions. She is passionate about Technical Analysis and considers it an extremely valuable skill in current times. Jyoti covers Forex in her weekly columns.

Performance cycles is a term coined by Orpheus Capitals. This is another name for time triads, time arbitrage, time fractals but expressed in terms of relative performance. It’s a bounded oscillator that moves in a range say from 1 to 30. 1 is top relative performance and 30 is worst performance. The idea is that performance is cyclical. A top performer will underperform in future and vice versa. A top relative performer is also the worst value pick and the top relative underperformer is the best value pick.

WAVES.FOREX is a perspective product published TUE and THU. The report highlights the top traded FOREX PAIRS (e.g. Euro, Dollar, Yen, Indian Rupee, Romanian Lei, Swiss Franc and Dollar Index) The product highlights Primary (Multi Month) and Intermediate (Multi Week) price trends. The report illustrates key price levels, price targets, price projections and time turn windows. The product uses Elliott waves, traditional technical analysis tools and sentiment indicators. REUTER RICS: EURRON=, RON=, JPY=, INR=, HUF=, HRK=, GBP=, EURCHF=, CHFRON=, CAD=, =USD, EUR=

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