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EUR/JPY, AUD/JPY Levels to Watch

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Japanese Yen Price Outlook: EUR/JPY, AUD/JPY Levels to Watch

Japanese Yen Outlook, AUD/JPY, EUR/JPY, JPY Technical Analysis – Talking Points:

  • Japanese Yen may extend its recent decline after snapping key trend support and sliding into oversold territory for the second time in 2020.
  • EUR/JPY rates due for a pullback as RSI divergence suggests exhaustion and price carves out a bearish Rising Wedge pattern.
  • AUD/JPY tracking in Ascending Triangle hints at possible bullish breakout in the coming days.

Despite a relatively bleak fundamental backdrop, the haven-associated Japanese Yen seems poised to extend its 5-month decline against its major counterparts after snapping its 6-year uptrend and sliding into oversold territory for the second time this year.

Japanese Yen Index** Daily Chart

JPY Index daily chart created using TradingView**JPY Index averages CAD/JPY, EUR/JPY, AUD/JPY, GBP/JPY

Directed lower by the downtrend extending from the yearly high set in March, JPY crashed through its 2014 uptrend earlier this month before finding support at the February low.

Although RSI divergence suggests a degree of underlying exhaustion in the recent downtrend, the oscillator continues to track below 30 and in oversold territory. This could be indicative of further losses in the near-term for the Japanese Yen.

However, with the February low capping the downside for the time-being a corrective rally to test the March downtrend may be likely in the coming days.

The development of the trend-defining 50-day moving average also hints at a potential correction, as it notably flattens out after crossing below its ‘slower’ 200-period counterpart.

Nevertheless, the path of least resistance for the ‘safe haven’ currency appears to be lower, with a break and close below the February lows needed to validate bearish potential.

JPY Forecast

JPY Forecast

EUR/JPY Daily Chart – Rising Wedge Pattern Threatens Uptrend

Japanese Yen Price Outlook: EUR/JPY, AUD/JPY Levels to Watch

EUR/JPY daily chart created using TradingView

A Hanging Man candle just shy of the April 2019 high (126.80), combined with significant RSI divergence, could signal the end of the EUR/JPY exchange rate’s 10.8% surge from the May low (114.39) to set a fresh yearly high on August 13 (126.75).

With price appearing to have carved out a bearish Rising Wedge pattern over the last 12 months, a substantial break to the downside could be in the offing if sellers can snap the exchange rate’s 14-week uptrend as well as support at the June high (124.43).

That being said, the positive steepening of the 50- (122.85) and 200-DMA (120.88) suggests an overall shift in sentiment from bearish to bullish and could see any pullback in EUR/JPY rates significantly supported by an influx of buyers.

Therefore, although price seems poised to slide back to support at the May 2019 high (125.23), extended declines may not eventuate should key psychological support at the 125 level remain intact.

A decline may allow EUR/JPY to shake off overbought readings on the RSI and regroup for a push to fresh yearly highs, if buyers can smash through resistance at the monthly swing top (126.75).



of clients are net long.



of clients are net short.

Change in Longs Shorts OI
Daily 17% 5% 10%
Weekly 32% 16% 22%

AUD/JPY Daily Chart – Triple Top or Ascending Triangle?

Japanese Yen Price Outlook: EUR/JPY, AUD/JPY Levels to Watch

AUD/JPY daily chart created using TradingView

AUD/JPY rates appear to have carved an Ascending Triangle pattern at key resistance, with a series of lower lows and stagnant highs signalling that sellers may be running out of steam as they attempt to defend the psychologically pivotal 77 level.

Moreover, the RSI looks to be gearing up for a push into overbought territory as it hovers in bullish territory above 60 and could stoke buying pressure if it breaks above its downtrend extending from yearly extremes.

Overbought readings would probably coincide with AUD/JPY climbing above key resistance at the June high (76.78) and potentially validate a topside break of the bullish Ascending Triangle continuation pattern.

An implied measured move suggests price could push to test the 81 level for the first time since April 2019.

Conversely, a break of trend support would invalidate the bullish pattern and could ignite a pullback to the 200-day moving average (73.15) and 61.8% Fibonacci (72.72).

Change in Longs Shorts OI
Daily 0% 13% 8%
Weekly 6% 12% 10%

— Written by Daniel Moss, Analyst for DailyFX

Follow me on Twitter @DanielGMoss

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Economy

Analyst thinks top 10 cryptocurrencies could grow 420% in 2022

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Criptomoeda do Top 10 pode valorizar 420% em 2022, diz analista

XRP is one of analyst Mikael van de Poppe’s top bets for 2022. According to a recent video, van de Poppe estimates the cryptocurrency could rise to 420% next year. Based on the current price ($ 0.83), XRP could hit $ 4.30 at the end of this cycle.

With a 17.39% drop in the past seven days, XRP records one of the worst weekly numbers in the top ten. However, the cryptocurrency is registering a 4.75% gain in the past 24 hours – the largest gain in that period.

An important level of support

At the start of this cycle, van de Poppe is targeting the area between $ 0.81 and $ 0.97. If XRP stays between this level, the first high leverage path will be tracked.

In that sense, XRP will start a strong 140% rally. Thus, about a third of the movement depends on the current area of ​​support and resistance.

“If they’re going to hold back, we’ll probably have a scenario like this (a $ 2 rally) when we start leaving. These are triggers ($ 0.90, $ 1 and $ 1.20), so we get vertical movement, ”the analyst said.

The first bullish target is precisely the $ 2 area. Van de Poppe then uses the Fibonacci extension tool to indicate the next XRP target points. At the first of these points, the target price is $ 2.87, which is 345% higher than the current price.

Finally, the last target based on the Fibonacci extension is the $ 4.33 zone. At this price level, XRP could rise as much as 521%. However, in the most “pessimistic” scenario, the rate should rise by about 4 US dollars, which will eventually lead to an increase of 420% at the end of the cycle.

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“Transient” fall

After filming the video, van de Poppe received several requests from his nearly 600,000 YouTube subscribers. The main one concerns the drop in XRP, the price of which collapsed along with the rest of the market.

In response, van de Poppe recalled that these predictions were made before the crash, but have not changed. According to the analyst, the fall in the market, as well as bearish sentiment in the long term, did not worry him.

“The fear was not that great compared to what happened in May. The feeling is literally comparable to a funeral. I love that, ”he said.

The Market Fear and Greed Index currently stands at 25, indicating “extreme fear,” but it even dropped to 16 (16) on Monday. The increase in the index is in line with the recovery recorded on Tuesday (7), when Bitcoin (BTC) recovered back to the $ 51,000 level.

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Economy

Rival Cryptocurrency Ethereum Rises 12,000% And Challenges ETH Throne

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Criptomoeda concorrente do Ethereum sobe 12.000% e desafia o trono do ETH

Rival Ethereum (ETH) is making a big leap in the cryptocurrency market after huge profits this year. Crypto assets overcame barriers and made it to the select list of the ten largest crypto assets by market value.

Terra (LUNA), which is a smart contract network focused on stablecoins used for payments in e-commerce and decentralized financial services (DeFi), caught the spotlight last year and challenged the throne of ETH.

LUNA is gaining momentum this year. The cryptocurrency opened in 2021 at $ 0.65 and hit an all-time high of $ 78.37 on December 4. Thus, it grew by more than 11.956%.

With this indicator, Ethereum’s competitor toppled the Dogecoin (DOGE) memcoin and is now the tenth largest crypto asset. Its market value is US $ 25.70 billion.

The appreciation of the currency follows a parabolic rise in the total locked-in value (TVL).

According to DeFiLlama, TVL Terra has grown from $ 53.15 million to $ 13.32 billion. This is an impressive growth of almost 25,000% in less than 12 months.

moon

When it comes to TVL, Terra is the third largest blockchain. It lags behind Ethereum with $ 169.47 billion and Binance Smart Chain with $ 16.88 billion.

To explain this meteorite rise, the analyst cryptocurrencies aka Guy said the demand for stablecoins on the Earth platform is the main catalyst for the cryptocurrency boom.

“These speakers sent LUNA to the moon. And while I noticed a slight adjustment over the weekend, if LUNA grows to $ 75 over the next few days, $ 90 is coming soon, ”he said.

Finally, the analyst noted that with the growing interest in cryptoassets, the demand for stablecoins should increase. As a result, in the coming year, this may contribute to the further development of LUNA.

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Read also: Analyst thinks top 10 cryptocurrencies could grow 420% in 2022

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Economy

Better Real Estate CEO Fires 900 Employees As Part Of Zoom – Observer Teleconference

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Better Real Estate CEO Fires 900 Employees As Part Of Zoom - Observer Teleconference

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If you are participating in this video meeting, then you are part of a fired, hapless group. Your employment will end with immediate effect.“. The announcement was made by Vishal Garg, CEO of real estate company Better, during a Zoom meeting held last Wednesday. days later it was made public… More than 900 employees were dismissed, about 9% of the company’s employees.

This is the second time in my career that I have done this. and I don’t want to do that. The last time I did it I cried“, – admitted Garg in a conversation that lasted about three minutes. V market efficiency, productivity and productivity there were reasons, according to the CEO, that justified the layoffs. However, Fortune, who had access to messages posted on the anonymous platform, showed that Vishal Garg he accused the employees of “stealing” from their colleagues and clients, since they do not work and only work two hours a day.

“The need to be fired is inconvenient, especially at this time of year,” said the head of the finance department. in a statement to CNN Business. “However, a strong balance sheet and a reduced and focused workforce have forced us to attack the radically evolving real estate market,” he said.

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The HR department will now begin the layoff process, the CEO added, explaining in detail to former employees what compensation they would be entitled to.

Anne Frank, Executive President of the UK Chartered Management Institute, highlighted: on BBC that this process could have negative consequences for the future business of Better.

This is a customer oriented business where they try to provide mortgages to people. I’m sure a lot of clients or potential clients think, “Fire, if they treat employees this way, I wonder how they treat clients?” – he explained.

Better hired a lot of staff during the pandemic, and according to the BBC, Garg will tell the team that he admitted he hired “Too many” and “the wrong people” that “crashed” the company, he said.

This isn’t the first time a real estate CEO has been involved in disputes over how he treats workers. In November, Forbes disclosed an email that he himself sent to employees, where he called employees “slow”, accusing them of “shame”

Last week, Better received a $ 750 million (about € 664 million) infusion from SoftBank, a Japanese company and major investor.

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