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Rally For USD/JPY While 10 Year US Treasuries Move Lower

Currencies / Japanese Yen Oct 10, 2013 - 01:25 PM GMT

By: Gregor_Horvat

Currencies

US Bonds were trading lower in the last two sessions after the minutes of the Federal Reserve showed that most policymakers still favor a tapering program this year. But sell-off on bonds came on news that QE could end in mid-2014. USD was firstly down on the news, but then it recovered during the Asian trading hour. However, EUR/USD is again finding some bid, so no real direction at the moment. Meanwhile the S&P Futures are rallying.


I am looking at the 10-year US notes where I suspect that prices are moving lower into wave B that is part of a larger three wave rally on a daily chart. Wave B could reach levels around 124-124.50 so there is room for more weakness. If weakness will resume, then US yields will rally which will support the USD/JPY.

10 –year US notes daily


On USD/JPY I can see some reversal to the upside but still need to wait more, especially if we also consider that on 4h chart price is now testing upper trend line of a downward channel. We definitely want to see a breakout here to confirm bullish waves.

USD/JPY 4h Elliott Wave


Written by www.ew-forecast.com | Try our 7 Days Free Trial Here

Ew-forecast.com is providing advanced technical analysis for the financial markets (Forex, Gold, Oil & S&P) with method called Elliott Wave Principle. We help traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our view and bias as simple as possible with educational goal, because knowledge itself is power.

Gregor is based in Slovenia and has been in Forex market since 2003. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets; from candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful to traders.
He was working for Capital Forex Group and TheLFB.com. His featured articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, gold, oil, and some major US indices.

© 2013 Copyright Gregor Horvat - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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