EURJPY Weekend Summary

Weekly Chart (1)

My data goes back to 1993 and the last high to low wave is marked out with white circles. Therefore, the vertical origins of my mirror or reflective squares are a high of 169.957 and a low of 88.96; the time taken from high to low, creates the length of my square.  As in my EURUSD work, notice how the approximation of a 10year Hull Moving Average follows the price action and 45 degree line relatively accurately.

 Weekly Chart (2)

This second weekly chart houses the first mirror or reflection of that high to low square in chart 1. I have then marked out the Harmonic Octaves of that square and the 45 degree angles of both the main square and the ‘50%’ squares within. It is assumed that the time and price relationships that created that first square will provide pathways for price action until such time as a new ‘high/low relationship’ exists, and even then will create echoes. The ending diagonal that preceded this run up, tested, but did not break the low of 88.96. Price is now at the 4^th Harmonic Octave and 50% price retracement  of the original square. The recent meandering in this area can be classed as the first attempt at the 50% zone and is unlikely to crack it this time around.  However, price has managed to break the 45 degree line running down from the high at 169.957, but is under the 45degree line running up from the low. As such, I am classing this price action as placed in the bullish zone within a bearish triangle. With the 10 year Hull MA sitting at the gold 50% 45 degree line below and the EW count looking for a ‘c’ of the 4^th (or a ‘c of A’ of the 4^th), combined with the momentum cluster positioning at present, I am looking for a move down towards the red 45degree line that it broke at the ‘iv of 3’. Of particular interest is the conjunction of the 2x45 degree lines at the 2^nd Harmonic Octave at 109.3119. Albeit a deep wave 4, this still sits above the ‘wave 1’ high as currently counted.

Daily Chart (1)

This chart shows the original Gann square for the 2012 high and low from 111.421 to 94.103. I have commenced the 100 day Cyclic Phasing from that low. Note how the 200 day Hull MA provides a useful proxy for the 45 degree lines created by the Gann squares.

Daily Chart (2)

The daily chart houses the reflections of the 2012 high/low Gann Square (red verticals and horizontals). I have marked out the Harmonic Octaves in blue and overlaid the 'all time' high low Gann square Harmonic Octaves in gold. We are due a 100 day cycle low around the 21nd August, which is similar in timeframe to the EURUSD. However, unlike the EURUSD, the 200d Hull looks like it is on its last legs before turning down and the 25day FLD (pink) has been ‘cut’ decisively, along with the 129.4042 Harmonic Octave from the ‘all time’ high low square (the 4^th HO and 50% retracement line). Price has also made it back into the reflective square of last year’s high/low, with last year’s high sat at the bottom of this next square down, at 111.421. This is sitting above that next ‘all-time’ square Harmonic Octave at 109.3119, as highlighted in the weekly chart. If the 129.4042 line holds, then this next Gann square down is likely to contain price action with the next ‘all time’ HO at 119.2749, just below the 50% line and 4^th HO of the annual Gann Square reflection. That is my near term target if the bearish action persists.  The gold dots mark out a possible channel pathway to follow, although note how price is sat right on top of the 45degree line of the new square down. An immediate puncture here on Sunday/ Monday would likely take out last month’s low and push hard to the downside to meet the rising gold 45 degree line where the first dot is placed.

 90minute Chart

The 90minute chart houses the monthly reflections of the July 'high/'low Gann square (red vertical and horizontal) and as of Friday was sat above last month’s low of 127.993 and at the 25day Bolly lower perimeter.  The momentum cluster is confirming the move downhill,  but is already looking tad leggy to be chasing this early Monday.  With the 25 day Hull MA red and price under this and its FLD from the last chart, the ‘all-time’ HO at 129.4042 and ‘annual’ HO at 128.7727, should be enough to limit any correction. If so, then selling into strength in that zone would be my preference, but when price holds below the Daily Pivot and a monthly HO (blue dashed). A break of that July low at 127.993, however, may leave tidy entries well behind.