Intraday Market Thoughts
Gold & USDJPY Eye 76.4%
by
Dec 23, 2016 17:14
As gold and USD/JPY near their 76.4% retracement, questions about their similarity and differences resurface. Gold's 76.4% retracement of the rise from the December 2015 lows to the July 2016 highs stands near $1128, while USDJPY's retracement from the June 2015 high to the June 2016 low) is near 119.50.
Historic 76%
Over the last 15 years, never has gold retraced more than 76.4% of a major rally or decline of 25% or more. Similarly, USD/JPY has never retraced more than 76.4% of a major rally or decline of 25% or more. The definition of “major” means that the move begins from a multi-year low or high. Does this mean that gold is near the low and USDJPY is approaching its peak?A new note on gold and USDJPY has been issued to susbcribers alongside this week's video.
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