Momentum Scorecard: Yen Looks to Weaken Against European Trio

| 2 juli, 2013 | 0 kommentarer

Momentum_Scorecard_Yen_Looks_to_Weaken_Against_European_Trio_body_Picture_1.png, Momentum Scorecard: Yen Looks to Weaken Against European Trio

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Momentum_Scorecard_Yen_Looks_to_Weaken_Against_European_Trio_body_EURJPY.jpg, Momentum Scorecard: Yen Looks to Weaken Against European Trio

The EURJPY recently broke out of a descending channel that guided price from June 20 through June 27.

– The daily candle shows a Doji/Inverted Hammer forming; and the H4 candle for the 01:00 EDT to 05:00 EDT candle was an Inverted Hammer. Both of these suggest a near-term top potentially forming.

– Daily Slow Stochastics (5,3,3) remain bullish, having issued a buy signal on June 28.

– H1 Slow Stochastics (5,3,3) have started to turn, perhaps suggesting that early weakness may be overdone.

– While the preference is to get long the European currencies (CHF, GBP, EUR) against the Yen, lower timeframes (m15, m30) have started to turn bearish once more; accordingly there might be another intraday swing lower before the potential for a strong bounce in line with recent bullish trends in CHFJPY, GBPJPY, and EURJPY.

*Trend definitions: “uptrend” is defined as 8-MA21-MA55-MA; “downtrend” is defined as 8-MA21-MA55-MA; a “trendless” market occurs when continuity is absent.

*Scoring methodology: there are seven time frames, ascending from m15 (15-minutes) to W1 (one-week). In ascending order, each pair is assigned a value from -7 to +7 based on the trend apparent on the specified time frame (I.E. a m15 uptrend equals +1, whereas a H1 downtrend equals -3). If neither an uptrend nor downtrend is present, the trendless timeframe receives a score of 0. These points are totaled and the average is reported on the right. The strongest uptrend would achieve a score of +4.00, while the strongest downtrend would achieve a score of -4.00.

— Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail [email protected]

Follow him on Twitter at @CVecchioFX

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