A daily forex forecast for the upcoming events of the day that will impact forex trading ► These forex outlooks are published daily.
USDJPY is displaying a strong rally away from 108.80 region where a corrective wave 2 of a higher degree was completed. The current impulsive activity may be the start of a change in trend that will push the price towards 113.0 and above. A decisive breach of 110.80 swing zone is an indication for a bullish reversal in play and as we can see on the updated chart, minor wave two can be in progress.
USDJPY, 4H
DAX is again turning lower, away from a new high of wave 5. So, we see a completed expanding diagonal in the mentioned wave, which means the current weakness and the sharp drop lower could be a suggestion that bulls are over and that bears are taking charge. As such we expect a minimum three wave reversal to follow.
German dax, 4H
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