Remain Cautious For USD/JPY

This past week or so has been an incredibly complex development. It has seen pushes to the extreme – and that is highlighted by the euro that stalled only 3 points below the 1.0828 high. At the same time the spider track movements in USD/CHF and GBP/USD haven’t helped the cause… In USD/CHF I was amazed with the strong follow-through below the 0.9966 low. That’s also an unusual development – and I have to say that I considered the potential for a move down to the 0.9860 low – let’s face it, it’s just another 20 points away…

So we’re still having a battle with the 4-hour Price Equilibrium Clouds but once they have been penetrated I think life will get a little better. We’ve still to form the foundation waves so there’s still a risk of what may look like consolidation before the next trend.

In USD/JPY I’d rather remain more cautious. I’m not convinced we’ve seen the low and there is a risk of a move into the low 110’s.

As for the Aussie, it’s not an easy outlook at all. The bigger picture suggests further downside but I can’t rule out an initial deeper pullback. It’s currently not a safe pair to mess about with. I’d suggest waiting for further losses to develop…

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