Forex EUR/USD Daily Video, December 07, 2023

Sive Morten

Special Consultant to the FPA
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18,447
Good morning,

EUR mostly stands in the same condition as yesterday. New short entry is not comfortable by far. Still, it seems that downside action is slowing. We suggest that waiting for NFP is an optimal decision right now. NFP could become the trigger if numbers will be lower:

 
Today I am looking at the interesting setup on JPY/USD.

On the weekly chart, there is a downside acceleration towards the 0.5 FIB and possibly the confluence area.
USDJPY_2023-12-07_12-02-10.png


On the daily chart today, the market accelerated to the downside to compete with the OP target which stands in confluence with the 0.5 FIB retracement, I think the market could reach the XOP target, but the possibility of a meaningful retracement also exists in my opinion.
USDJPY_2023-12-07_12-04-15.png


On intraday charts, there are no other patterns (3 drive, butterfly,...) so for the more conservative traders it is maybe better to wait for a possible first move to the upside, pullback and then going long with a Gartley 222 or another pattern on lower time frames.
USDJPY_2023-12-07_12-18-56.png

USDJPY_2023-12-07_12-19-25.png
 
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