Let's see how the movement of the cross-instruments EUR / JPY and GBP / JPY, as well as the dollar index #USDX and the currency of the "land of the rising sun" USD / JPY will begin from November 14, 2019.
Minuette (H4 timeframe)
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US dollar Index
The movement of the dollar index #USDX from November 14, 2019 will be due to the development and direction of the breakdown range :
During the breakdown of ISL38.2 Minuette (resistance level of 98.40), the movement of the dollar index will continue in the equilibrium zone (98.40 - 98.80 - 99.15) of the Minuette operational scale fork.
On the contrary, the breakdown of support level 98.30 (the initial SSL line of the Minuette operational scale fork) is the option of developing the #USDX movement within 1/2 channels of the Median Minuette operational scale fork (98.25 - 98.00 - 97.75) and Minuette (98.20 - 98.10 - 98.00) with the prospect of reaching the upper boundary of ISL38.2 (97.60) the equilibrium zone of the Minuette operational scale fork
The marking options for the movement #USDX from November 14, 2019 is shown in the animated chart.
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US dollar vs Japanese yen
The currency of the "country of the rising sun" in the 1/2 Median Line channel of the Minuette operational scale forks, respectively, the further development of the USD / JPY movement from November 14, 2019 will be due to the development and direction of the breakdown of border levels (109.10 - 108.90 108.75) of this channel. We look at the details on the animated chart.
In case of breakdown of the upper boundary of the 1/2 Median Line of the Minuette channel (resistance level of 109.10) of the Minuette operational scale fork, the upward movement of USD / JPY will develop to the goals: maximums (109.29 - 109.50) - control lines - UTL Minuette (109.55) - UTL Minuette (109.65) with the prospect of reaching the warning line UWL61.8 (110.00) of the Minuette operational scale fork.
Combined breakdown of support levels :
- 108.75 on the lower boundary of the 1/2 Median Line channel of the Minuette;
- 108.70 on the upper boundary of the 1/2 Median Line channel of the Minuette;
will determine the development of the currency movement of the "land of the rising sun" within the 1/2 Median Line channel (108.70 - 108.40 - 108.15) of the Minuette operational scale fork with the prospect of updating the local minimum107.90.
The details of the USD/JPY movement, depending on the breakdown direction of the above 1/2 Median Line Minuette channel, are shown on the animated chart.
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Euro vs Japanese yen
The development of the cross-instrument movement EUR / JPY from October 14, 2019 will continue in accordance with the development and direction of the breakdown of the range :
The breakdown of the final Schiff Line Minuette (support level of 119.80) will direct the EUR / JPY movement to the starting SSL line Minuette (119.10) with the prospect of reaching the boundaries of the equilibrium zones of the Minuette operational scale fork (119.00 - 118.40 - 117.80) and Minuette (118.20 - 117.95 - 117.70) .
On the contrary, in case of breakdown of the resistance level of 120.10, the development of the movement of this cross-instrument can be continued in the 1/2 Median Line Minuette channel (120.10 - 120.60 - 121.05) taking into account the working out of the 1/2 median line channel of the Minuette (120.25 - 120.37 - 120.50).
The details of the EUR / JPY movement, depending on the development of the above range, are presented on the animated chart.
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Great Britain pound vs Japanese yen
The movement of the GBP / JPY cross-instrument from November 14, 2019 will be determined by the development and direction of the breakdown of the boundary levels of the 1/2 Median Line channel (140.05 - 139.85 - 139.65) of the Minuette operational scale fork. Look at the animate chart for details.
In case of breakdown of the upper boundary of the 1/2 Median Line Minuette channel (resistance level of 140.05) of the Minuette operational scale fork, the upward movement of GBP / JPY will develop towards the goals: UTL Minuette control line (140.71) - local maximum 141.47.
The breakdown of the support level of 106.55 at the lower boundary of the 1/2 Median Line Minuette channel will determine the development of the downward movement of this cross-instrument to the final Schiff Line Minuette (139.00), during the breakdown of which it will be possible to reach the GBP / JPY boundaries of the equilibrium zones (138.50 - 138.10 - 137.75) of the Minuette operational scale fork.
The details of the GBP / JPY movement, depending on the breakdown direction of the 1/ 2 Median Line Minuette channel mentioned above, are shown on the animated chart.
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The review is made without taking into account the news background. Thus, 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.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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