JPY TREND
Japanese government has carried out QE for nearly two years. QE should have brought trade surplus. But that would still leave a trade deficit. It is known that Japanese is export-dependent economy. BOJ do not carry out more QE recently.
In my analysis, JPY is in the stage of wave 4, specifically wave b of wave 4. 102.50-102.70 is a daily resistance level. Wave a have callback to round 50% of wave 3. For UXY, I do not think 79.30-79.40 will be defeat in coming days. As is distinguished in the sub-chart, MACD come up with a top-divergence. Price channel passed top of wave2, bottom of wave 1 and wave 3 perhaps indicate the top of wave 4. In the present situation, wave 5 is likely to be failed.
In my analysis, JPY is in the stage of wave 4, specifically wave b of wave 4. 102.50-102.70 is a daily resistance level. Wave a have callback to round 50% of wave 3. For UXY, I do not think 79.30-79.40 will be defeat in coming days. As is distinguished in the sub-chart, MACD come up with a top-divergence. Price channel passed top of wave2, bottom of wave 1 and wave 3 perhaps indicate the top of wave 4. In the present situation, wave 5 is likely to be failed.
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