The weekly pivot chart for USD/JPY indicates that the pivot points are placed according to the maximums and minimums. This chart will enable us to place Stop Take Profits or Stop Losses. These Pivot Levels are some sort of a trading map that will allow you to know beforehand the possible increases and declines of the pair.
Therefore, it is recommended to open short positions at the R1 level and long positions at the S1 level. If the weekly pivot is considered as target, it may turn to be a feasible strategy for swing trading. The strategy can be used in other way: it is possible to open long positions in S2 positions and short R2 weekly with S1 or R1 as seen weekly targets or to the pivot point.

____WEEKLY_____
Weekly – R3 = 81.59
Weekly – R2 = 81.06
Weekly – R1 = 80.04
Weekly Pivot = 79.51
Weekly – S1 = 78.49
Weekly – S2 = 77.96
Weekly – S3 = 76.94

____MONTHLY______
Monthly – R3 = 85.74
Monthly – R2 = 84.51
Monthly – R1 = 82.18
Monthly Pivot = 80.95
Monthly – S1 = 78.62
Monthly – S2 = 77.39
Monthly – S3 = 75.06

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EUR/USD Elliott Wave
During the last week the EUR/USD pair was trading downward developing impulsive 3 wave (coloured blue). During the Friday’s European session we could observe ascending move toward the 1.2710 level (100EMA resistance). Therefore during the New York session we could observe continuation of the bullish mood and price reached new daily high at 1.2793 level.Today during the Asian session we could observe ascending move toward the 1.2812 level.The EUR/USD did not manage to hold this level and we could observe bearish mood in early European session. We expect to see price at 1.2825 today. Presently we can observe the end of the 4 wave so we need to be prepared for 5 wave (coloured blue). In accordance with our wave rules and taking into account that the wave 5 retraces 100% of the wave 1, we can define the potential targets with measuring 1 wave with Take Profit 1 at 1.2689 (78.6% of wave 1) and Take Profit 2 at 1.2649 (100% of wave 1). The resistance level at 1.2870 can be used as Stop Loss.

Support and Resistance levels
(S3) 1.2585 (S2) 1.2643 (S1) 1.2679 (PP) 1.2736 (R1) 1.2794 (R2) 1.2830 (R3) 1.2887

Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the downward movement. That is why Short positions at level 1.2845 with Stop Loss at 1.2870, Take Profit 1 at 1.2689 and Take Profit 2 at 1.2649 are recommended

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USD/CAD Elliott Wave
During the last week the USD/CAD pair was trading upwards developing 3 wave (coloured blue). During the Friday’s European session we could observe descending move toward the 1.0318 level. We can consider this move as end of the 4 wave (coloured pink) of the bigger 3 wave (coloured blue). Therefore during the New York session the USD/CAD pair stated pushing higher for developing last 5 wave of the bigger 3 wave and we could observe price above 1.0220 level. Today during the early Asian session price pushed one more time and we could observe high at 1.0229 level. We can consider this move as end of 5 wave. Presently we are in the corrective 4 wave and I  expect to see price lower today. In accordance with our wave rules and taking into account that the wave 4 retraces 61.8% of the wave 3, we can define the potential targets with Fibonacci retracements (1.0053-1.0229) with Take Profit 1 at 1.0111 (50% of wave 3) and Take Profit 2 at 1.0083 (61.8% of wave 3). The resistance level at 1.0230 can be used as Stop Loss.

Support and Resistance levels
(S3) 1.0106 (S2) 1.0140 (S1) 1.0161 (PP) 1.0195 (R1) 1.0229 (R2) 1.0250 (R3) 1.0284

Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the downward movement. That is why Short positions at level 1.0185 with Stop Loss at 1.0230, Take Profit 1 at 1.0111 and Take Profit 2 at 1.0083 are recommended.

The material has been provided by Instaforex Company – instaforex.com