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Let me bring to your attention a comprehensive analysis of the development options for the movement of the currency of the "land of the rising sun" USD / JPY and its cross-instruments EUR / JPY and GBP / JPY from September 13, 2019
Minuette operational scale (H4 timeframe)
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US dollar vs Japanese yen
The currency of the "country of the rising sun" in the equilibrium zone of the Minuette operational scale forks, respectively, the further development of the USD / JPY movement from September 13, 2019 will be due to the development and direction of the breakdown of the boundary levels (108.45 - 107.95 - 107.55) of this zone. Traffic markings are shown in the animated graphics.
The breakdown of the support level of 107.55 at the intersection of the lower boundary of ISL38.2 of the Minuette operational scale forks and ISL61.8 Minuette will determine the development of the currency of the country of the rising sun in the equilibrium zone (107.55 - 106.95 - 106.40) of the Minuette operational scale forks with the prospect of reaching the starting line SSL Minuette (106.30) and channel of the 1/2 Median Line Minuette (106.15 - 105.70 - 105.20).
In the case that the upper boundary of ISL61.8 is broken (resistance level of 108.45) equilibrium zone of the Minuette operational scale fork, the upward movement of USD / JPY can be continued to the final line FSL (109.45) of the Minuette operational scale forks.
The details of the USD / JPY movement, depending on the breakdown direction of the above equilibrium zone, are shown in the animated chart.
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Euro vs Japanese yen
The development of the cross-instrument movement EUR / JPY from September 13, 2019 will be determined by the development and direction of the breakdown of the range :
In case of the breakdown of the Median Line Minuette midline (support level of 118.75), the development of the EUR / JPY movement can continue towards the goals - the lower boundary of ISL38.2 (118.00) of the equilibrium zone of the Minuette operational scale forks - channel of the 1/2 Median Line Minuette (117.75 - 117.25 - 116.75) - equilibrium zone (117.40 - 116.90 - 116.40) of the Minuette operational scale forks.
On the contrary, a combined breakdown of the resistance level of 119.00 on the initial SSL line of the Minuette operational scale forks and the control line UTL Minuette (119.14 - local maximum) will make the continuation of the upward movement development relevant to this cross instrument to the reaction line RL100.0 Minuette (120.30) with the possibility of reaching the final line FSL (121.80) of the Minuette operational scale forks.
The details of the movement of EUR / JPY, depending on the development of the boundaries of this range, are presented in the animated chart.
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Great Britain pound vs Japanese yen
The development of the GBP / JPY cross-instrument movement from September 13, 2019 will also become determined by the direction of the breakdown of the range:
The breakdown of the lower boundary of ISL38.2 (support level of 132.10) of the equilibrium zone of the Minuettte operational scale forks - the development of the GBP / JPY movement to the boundaries of the 1/2 Median Line channel (131.45 - 130.85 - 130.15) and the equilibrium zone (130.60 - 129.75 - 128.90) of the Minuette operating scale fork with the prospect of reaching the ultimate Schiff Line Minuette (128.15).
Meanwhile, updating the local maximum (resistance level of 133.35) with successive breakdown of the final Schiff Line (133.85) and the Median Line (134.70) of the Minuette operational scale fork will determine the continuation of the development of the upward movement of GBP / JPY to the upper boundary of the ISL61.8 (136.25) equilibrium zone of the Minuette operating scale fork with the prospect of reaching the reaction line RL161.8 Minuette (140.45).
We look at the animated chart for the GBP / JPY movement options, depending on the breakdown direction of the above range.
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The review is made without taking into account the news background. The opening of trading sessions of the main financial centers does not serve as a guide to action (placing orders "sell" or "buy").
The formula for calculating the dollar index:
USDX = 50.14348112 * USDEUR0.576 * USDJPY0.136 * USDGBP0.119 * USDCAD0.091 * USDSEK0.042 * USDCHF0.036.
where the power coefficients correspond to the weights of the currencies in the basket:
Euro - 57.6%;
Yen - 13.6% ;
Pound Sterling - 11.9%;
Canadian dollar - 9.1%;
Swedish Krona - 4.2%;
Swiss franc - 3.6%.
The first coefficient in the formula leads the index to 100 at the start date of the countdown - March 1973, when the main currencies began to be freely quoted relative to each other.
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