Forex Weekly Forecast - USDJPY, EURJPY, EURGBP - 6 May 2024 - By Vladimir Ribakov

Hello traders, how are you? Vladimir here from Home Trader Club. Welcome to the weekly forex forecast. Before we start, big thanks to 8K Broker for supporting our community. To enjoy the special offers we have with 8K Brokers, including the access to Home Trader Club, all the trading systems and the live trading rooms, please refer to the link below this video in the description. The first pair for this video would be the USDJPY. Last week we discussed about the very high probability that the week will start with a potential rally towards the 160, and from there we'll start to create a format of waves Which will basically push the dollar yen to the downside. As we can see, the week started— the last week started with dramatic rally towards the 160, touched the 160, and since then, boom, something changes. So the biggest question here is, what does change? The Central Bank of Japan continue and intervene, and this time it feels This is for real. They understand the pressure, they feel the pressure, and they give some sort of a sign we are ready to fight. The way I see that, with this major engulfing that is formed at the end of this weekly chart, and with this major bearish divergence on the MACD and the RSI that is forming here, The probability the dollar yen will start to make a major correction down is very, very high. So the week started with forming zigzag setup. As you might remember, on the last week we discussed about that two waves down, two waves up, and breakout could lead for the very serious continuation down. It was very. Brutal here with very fast wave down, but then at the end of the two waves up, the dollar yen tanked all the way to 152. Dramatic area. What sort of area? This inner zone, the zone of actions. I love to call that serious balance area between the buyers and the sellers before the buyers actually took the control. So dollar-yen tank all the way to the downside. What does that mean? I believe the green light for the bears to continue their control was given during this week. The intervention from the Central Bank of Japan, the recent Federal Reserve rate decision where they hold the rates But on the same time, they actually send the message to the market that hiking the rates is unlikely. So they might hold it for a while, but hiking it at that stage, unlikely. That boosts the anti-dollar movement, and that together with the intervention from the Central Bank of Japan I believe sell the rallies here is the plan. What sort of wavings we could see here? Basically any sort of a zigzag. Could be 2 waves up, back to retest this inner zone, maybe slightly higher than that, maybe towards this spike here where the spike was bounced, right? And from there further continuation down. That's option number 1. Option number 2, we're gonna see here some annoying range here, right? And then bam, time to the downside. And of course, there is always the probability that we finalize the rally, make 3rd wave down all the way straight to clean the major weekly low, and then the 4-hour chart would be expected to form a bullish divergence where from We can start talking about buys. Okay, so this is pretty much straightforward plan for the dollar-yen, exactly as we discussed in the last week. Um, the market reacts, so for me, sell the rise is absolutely logical here, and that's my trading plan. What would be your expectation from the dollar-yen? Do you think it was just Little pullback before we're gonna cross above the 160, or you think the bears take the control and we are going from here to 145, 140, maybe lower than that? Let us know in the comment section below this video. Next pair is going to be the euro yen, but before that, I would like to ask your support. If you find value and you appreciate this video, and you find value in this video, not only opportunities, please hit the like button. If you are new to our community, please consider. To subscribe with the subscribe button below this video. Also feel free to share this video. It is open to the community, and few words in the comment section would be a fantastic help. And thank you very much in advance for your support on my me, my work, and my team that behind me. Let's continue. The euro yen completes a phenomenal astronomical rally all the way to 170 just to clean the previous high. Clean bounces, and one of the conditions I love technically speaking is what happens now on the euro yen. We have over than twenty candles right on the upper Bollinger band, reaching a key level, starting to be around the overbought conditions. Last time it happened was here back then in twenty twenty thirteen twenty fourteen, and the market reacted big time to the downside. So the way I see that, that combined with all the previous things we just discussed about the things happening in Japan, I believe it opens the door to that downside, at least as long as the high holds. If we go to the weekly chart, the waves here complete with a massive bearish divergence. Absolutely fantastic. Take to that. To add to that, the fact that we have a major bearish candle here, sort of dark cloud here, and we got a beautiful spike towards the previous week high. And the way I see that, this is a really, really, really strong sign. Going to the daily chart, and on the daily chart we are bouncing off an overbought conditions on the RSI, right? And the way it feels right now, that the doors are open for further continuation down. So what will trigger the daily chart, uh, trend change? Of course, the break. And if the price goes below the rising supportive line, lower lows on the chart, and then sell their rallies would be the trading plan. But there is also possibility to trade it on a shorter term And considering exactly like with the euro yen, considering the fact that some reversals happen to be in zigzag, which means two waves down with two waves correction or a ranging correction, we could here see here some slow corrective structure to the upside before that continuation lower. And of course, the alternative scenario, as we explained before, with a daily chart. Completing three waves on the four-hour chart, making lower lows on the daily, then bouncing back to this volume zone, and from there bam all the way further to the downside. To make it simple and straightforward, I believe exactly like in the case of the dollar yen that the green light to sell. The rallies on this pair with any of the price structure explained now was given. Let us know how do you see the euro yen and what would you expect from this one? Share your thoughts in the comment section below this video. Also, quick reminder before we continue: We uploaded new series of ebooks, and if you didn't download, make sure you do. Go to the blog Vladimir Rebakov dot com. Forex Education and Free Ebooks. You will find there all the series of new ebooks. We will be uploading more on the coming period. Enjoy the reading. The final one for this video and for this week would be the euro pound. One of the scenarios we discussed in the last weekly forecast that we will see that slowing down towards the rising supportive line and the support And from there we would see at least a shorter rallies to the upside on this pair. As you can see, that's pretty much the scenario that the market choose to follow after making twenty candles right on the lower Bollinger Band and bouncing off the rising supportive line. Oh, that's an ugly one. Pardon. That's better. Completing the hold here and making the corrective structure. Right now though, there are 2 scenarios for the euro yen. One of them belongs to the longer term, exactly as I explained in the previous week. For that to happen, we need to break this line and then sell the rallies all the way down to the weekly range. Let me just show it to you quickly, to the weekly range, something like that, to the bottom here. Here, okay? This is one of the scenarios and one of my preferred ones, to be honest. But for that, until the long term will complete itself, it might take some time. Meanwhile, we can enjoy the short-term opportunities as the bounce happens. Right now, the euro yen reaches some key levels. This is a first important. Supply zone, and this would be the second important zone. Zone 1, zone 2. That is, previous zone combines the highs of the uptrend with the highs of the downtrend, and the second one is doing the same— high of the uptrend with high of the downtrend. So these are the 2 key levels, and I believe on the shorter, they could provide us bounces and to provide us the short-term trading opportunities on a bearish direction. So sell the rallies. I'll make it simple for you here. Sell the rallies on the short term would be my trading plan. And what do I do in case it, it really breaks this trend line? Of course, letting the sells go and expecting it to connect to the analysis we have on the the last week with the weekly further continuation down. Okay, very important thing: if the market decides to go through the supply areas I just showed on the 4-hour chart without providing any rejection or any bearish signs, that will open the door for further deeper correction to the upside until it will complete a bearish divergence. Okay, at At the moment, as for now, I do not see this scenario happening, but you know, the market is the market and sometimes it does things that are not exactly as expected or as planned. So it's very important to have invalidation plan. Okay, so that's pretty much it for the EUR/GBP. Let us know what do you think about this one. So that's it for this video. Thanks for your time watching it. I hope you find value in this one and you enjoy the trading opportunities. Please hit the like button if you did, and please consider to subscribe to our channel if you are new to us and this channel. I also want to invite you to Home Trader Club where you get your access to complete trading courses, real-time trading education and trading opportunities, access to the community, and way so much more. Join us with the link below this video in the description or with the special offers we have with 8K Broker, which you also can find the link in the description. Best to you and yours. Thanks for watching. Good trading. Bye for now.