Forex EUR/USD Daily Video, June 16, 2023

[Sive Morten]

Good morning,

EUR has completed all three targets for this week and now is stopped by only overbought area. In nearest perspective next destination point is previous 1.11 highs. Today we do not see many things to do:

 

[Davidovic]

Hi,
As you mentioned a few weeks back, GBP/JPY has reached the XOP on monthly charts. Just waiting to see what happens around the XOP and looking there for selling opportunities.

What do you think of the USD/JPY? There you see that on daily chart, the 61.8 retracement at 142.43 will possibly be reached. However, I don't find any agreement. Only the XOP which is around 146.93, but this is far apart.

 

[minimax]

USD/JPY?

North.. IMHO..

 

[Davidovic]

North.. IMHO..

Hi,
As you mentioned a few weeks back, GBP/JPY has reached the XOP on monthly charts. Just waiting to see what happens around the XOP and looking there for selling opportunities.

What do you think of the USD/JPY? There you see that on daily chart, the 61.8 retracement at 142.43 will possibly be reached. However, I don't find any agreement. Only the XOP which is around 146.93, but this is far apart.

 

[minimax]

Let´s see Consumer Sentiment.. US$ South.. just to find pullback..

 

[Sive Morten]

Hi,
As you mentioned a few weeks back, GBP/JPY has reached the XOP on monthly charts. Just waiting to see what happens around the XOP and looking there for selling opportunities.

What do you think of the USD/JPY? There you see that on daily chart, the 61.8 retracement at 142.43 will possibly be reached. However, I don't find any agreement. Only the XOP which is around 146.93, but this is far apart.

Well, now this is very tricky pair to trade due solid participation of central banks, especially BoJ... still, JPY now is in progress of monthly B&B "Buy", and 5/8 resistance around 142.50 is the minimum target. Thus, it should be reached. This action probably will be finalized by daily upside 1.618 butterfly. Weekly OP stands slightly below, so, here we need to watch for reaction - the pullback has good chances to happen, say, in a way of H&S pattern, on daily chart... In, fact we get "222" Sell on weekly...

Next step is to see - if JPY goes back above 142.50 - this is the point in favor of following to weekly XOP. Conversely if JPY after pullback remains under this level, the further upward continuation is not guaranteed.

But to be honest, I'm intrigued by monthly XOP around 180 now... It gonna be slow, but... monthly action looks thrusty and we have just B&B "Buy", which doesn't restrict further upside action...