Technical Analytics Report

Daily Analysis Report 07 Jan '2022

Wave analysis for the USD/JPY.

The pair is undergoing a correction and may continue to rise.

The third wave of the upper level 3 of (1) is developing on the daily chart, within which the first wave of the lower level I of 3 formed, a correction developed as the second wave ii of 3, and the third wave iii of 3 is growing. Now, the third wave of the lower level (iii) of iii has formed, and a local correction as the wave (iv) of iii has developed, within which the development of the wave c of (iv) has begun, and within which the development of the (v) of iii has already started. If the assumption is correct, the pair will rise to 118.00–120.60 after the correction is completed. The critical stop loss level in this situation is 112.57.

The primary scenario

Long positions will be relevant after the correction is completed, above the level of 112.57, with goals of 118.00–120.60. Time to implement: 7 days or more.

The Alternative scenario

The pair will drop to the levels of 110.77–109.09 if the price breaks down and consolidates below 112.57.

USDJPY 7 JAN


Today’s forecast for Gold:

Wave analysis for XAU/USD. The currency pair may develop.

The fifth wave of the upper level (5) is forming on the daily chart, within which the first entry wave 1 of (5), a correctional wave 2 of (5), and wave 3 of (5) is created. The first wave of the lower level I of 3 is currently evolving, within which a local correction as wave (iv) of I has concluded. If the assumption is correct, the pair will rise to levels between 1919.90 and 2067.60 during wave (v) of i. The essential stop loss level in this situation is 1752.82.

The primary scenario

During the correction, long positions will become significant above the level of 1752.82, with 1919.90–2067.60. Time to implement: 7 days or more.

The Alternative Scenario

The pair will drop to the levels of 1681.52–1620.43 if the price breaks down and consolidates below 1752.82.

USDJPY 7 JAN


Today’s Economic News for EUR/USD:

The German Trade Balance figures for November will be released at 09:00 (GMT+2). This indicator captures the difference between the number of payments for exported and imported items. Its rise is a good thing for the euro. The balance sheet surplus is forecast to rise to 12.8 billion euros from 12.5 billion euros. The forecast’s implementation could give EUR some support.