Daily Review and levels for USDJPY, EURJPY, GBPJPY and EURCAD, June 4 2014

Dear traders,

Following up on this morning June 4, 2014 Daily Update on the 12 markets I follows, here is my take on the USD/JPY, EUR/JPY, GBP/JPY and EUR/CAD for the coming days:

USD/JPY: respecting a measure move long which brought price into the 102.44 first level and now towards the second target at 102.94. After that we should witness a retrace, potentially into the 102.50-60 area.

EUR/JPY: this market is in a confirmed lateral move (and printing a triangle formation) after 139.14 was pierced on the downside. A potential reversal higher was indicated during the weekend. We could witness price at 141 level and, potentially into the 142.10 area.

GBP/JPY: this market is also in a lateral move, confirmed on the 4-hour timeframe, with a potential retest of 168.75.

EUR/CAD: The sequence of measured moves higher on the daily timeframe failed in this market, which means that a retrace into 1.3850 is now possible. After hitting the first target of the first measured move lower this market may be retracing now into 1.5016 with a stop above 1.5085. Right at shorter term resistance now at 1.4867. Above 1.4902, the 1.5016 resistance becomes more probable.

Notice that price projections in my method are not from/to random levels and do not follow Elliot Wave, DiNapoli levels or other methods, but rather a proprietary method based on modeling effects of Program and Algorithmic Trading on price.

I like to help traders “level plain” the trading game showing what banks, institutions and big hedge funds are actually doing (and not what they are saying they are doing). Follow my work to learn how to spot the Algorithmic Trading footprints.

I send a free Newsletter in the weekend and provide updates throughout the week. The newsletter typically includes 3 video reviews for (1) EUR/USD, Dollar Index, S&P500 emini and Gold emini; (2) the Japanese Yen majors, i.e. USD/JPY, EUR/JPY and GBP/JPY; (3) the other majors: GBP/USD, AUD/USD, USD/CAD. Please, register here to receive the free weekly newsletter.

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Have a great trading day

The FibStalker Giuseppe, ~the FibStalker

 

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