Let me bring to your attention a comprehensive analysis (H4) of the movement of the cross-instruments EUR / JPY and GBP / JPY, as well as the currency of the "land of the rising sun" USD / JPY from September 25, 2019.
Minuette operational scale (H4 time frame)
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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 fork, respectively, the further development of the USD / JPY movement from September 25, 2019 will be due to the development and direction of the breakdown of boundaries of the levels (108.00 - 107.65 - 107.40) of this 1/2 Median Line channel. The movement markup is shown in the animated chart.
The breakdown of the support level of 107.40 on the lower boundary of the 1/2 Median Line Minuette channel will determine the continued development of the downward movement of the currency of the "land of the rising sun" to the goals - Median Line Minuette (107.00) - the upper boundary of the ISL38.2 (106.65) equilibrium zone of the Minuette operational scale fork, then the lower boundary of the ISL61.8 (106.40) equilibrium zone of the Minuette operational scale fork, with the prospect of reaching the Median Line Minuette (106.10).
On the contrary, in case that the upper boundary of the channel 1/2 Median Line (resistance level 108.00) is broken, the upward movement of USD / JPY can be continued to the local maximum of 108.48 and the UTL Minuette control line (108.90).
The details of the USD / JPY movement, depending on the breakdown direction of the 1/2 Median Line channel mentioned above, are shown in the animated chart.
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Euro vs Japanese yen
The development of the EUR / JPY cross-instrument movement from September 25, 2019 will also be due to the development and direction of the breakdown of the boundaries of the 1/2 Median Line channel (118.60 - 118.10 - 117.65) of the Minuette operational scale fork. Look at the animated chart for the details of the markup options.
The breakdown of the lower boundary of the 1/2 Median Line Minuette channel (support level of 117.65) will direct the movement of EUR / JPY to the boundaries of the equilibrium zone (117.50 - 116.90 - 116.30) of the Minuette operational scale fork.
In case of breakdown of the upper boundary of the 1/2 Median Line channel (resistance level of 118.60) of the Minuette operational scale fork, the upward movement of this cross-instrument can be continued to the targets - the upper boundary of the ISL61.8 (119.20) equilibrium zone of the Minuette operational scale fork - the initial SSL line Minuette (119.35) - local maximum 119.99 - control line UTL Minuette (120.15).
The details of the EUR / JPY movement, depending on the development of the 1/2 Median Line Minuette channel mentioned above, are presented in the animated chart.
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Great Britain pound vs Japanese yen
As with the currency instruments studied above, the development of the GBP / JPY cross-instrument movement from September 25, 2019 will be determined by the development and direction of the breakdown of the boundaries of 1/2 Median Line channel (134.10 - 133.35 - 132.60) of the Minuette operational scale fork. The markup movements in this channel are shown in the animated chart.
The breakdown of the lower boundary of the 1/2 Median Line Minuette channel (support level of 132.60) will confirm that further the movement of this cross-instrument will begin to occur in the equilibrium zone (132.60 - 131.50 - 130.45) of the Minuette operational scale fork with the prospect of reaching the upper boundary of the 1/2 Median Line channel (129.50) Minuette operational scale fork.
In case of a reversal above the upper boundary of the 1/2 Median Line channel (resistance level of 134.10) of the Minuette operational scale fork, it will make it relevant to continue the development of the upward movement of GBP / JPY to the targets - the upper boundary of the ISL61.8 (135.85) equilibrium zone of the Minuette operational scale fork - control line UTL Minuette (136.35) - reaction line RL161.8 (139.00) of the Minuette operational scale fork.
We look at the animated chart for the GBP / JPY movement options, depending on the direction of the breakdown of the 1/2 Median Line Minuette channel.
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The review is made without taking into account the news background. Thus, the opening of trading sessions of major financial centers does not serve as 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.