GOLD vs USD/JPY: some ideas
Updated
Hi Guys,
Looking for opportunities using inverted correlations between Gold and USD/JPY.
The idea is that when US dollar weakens, money flows into safe heavens like Gold and Japanese Yen and this is why their moves are inversely correlated.
In the above scenario Gold is temporarely topping at A because USD/JPY bottomed at 105 on Jan.3rd. For 2 weeks the precious metal ranged between 1298 and 1275 (support B). The fact that Gold is overtaking A means that Gold may be still looking to top higher than 1300. However Gold was supported at B therefore USD/JPY must be topping with a B too.
This post is a follow up of an idea posted on Jan 11 and already updated on Jan 16 (links to related ideas below).
Here is the link to the moves made by USD/JPY.
Thank you for your support and for sharing your ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
Looking for opportunities using inverted correlations between Gold and USD/JPY.
The idea is that when US dollar weakens, money flows into safe heavens like Gold and Japanese Yen and this is why their moves are inversely correlated.
In the above scenario Gold is temporarely topping at A because USD/JPY bottomed at 105 on Jan.3rd. For 2 weeks the precious metal ranged between 1298 and 1275 (support B). The fact that Gold is overtaking A means that Gold may be still looking to top higher than 1300. However Gold was supported at B therefore USD/JPY must be topping with a B too.
This post is a follow up of an idea posted on Jan 11 and already updated on Jan 16 (links to related ideas below).
Here is the link to the moves made by USD/JPY.
Thank you for your support and for sharing your ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
Note
In addition to the above please also note that both USD/JPY and Gold were forming a crocodile pattern from A to B and Gold just closed its inverted upper jaw. Please look at the folling charts...Note
USD/JPY Crocodile
Note
Gold crocodile upside down
Note
Adding a green parallel line on 1st ChartNote
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Disclaimer
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