Intraday Market Thoughts
View Latest IMT | Archives Calendar | Titles by Month

Gold & USDJPY Eye 76.4%

by Ashraf Laidi
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.

Gold & USDJPY Eye 76.4% - Gold Usdjpy 76 Retrcmt (Chart 1)

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.

 
Previous Next Archives
 

Latest IMTs