CHFJPY is like all the YEN pairs at an interesting point. Have a look at my detailed Elliott wave analysis.
Macros suggest a demand for JPY as the indices (Nasdaq, Dax, ect.) are about to turn south and the Japanese will take profit which they are going to convert into Yen.
The JPY is also a security currency and risk-on will attract the flows.
Macros suggest a demand for JPY as the indices (Nasdaq, Dax, ect.) are about to turn south and the Japanese will take profit which they are going to convert into Yen.
The JPY is also a security currency and risk-on will attract the flows.
- We now have a finished impulse wave
- The motive wave started at the beginning of October and made a textbook 5 wave pattern
- Wave 2 was slow and Wave 4 was fast
- We are currently in Wave 5 of wave 5!!
- This ending Wave 5 hits the upside of the channel which lines perfectly up with the 161% Fib lvl
- This is the end of an trend and we are very likely to see a correction
- Target for this correction will probably be around the 50% Fib retracement of the whole move, which also lines up with prior support/resistance.
