If looking for Yen-strength, EUR/JPY makes for a compelling argument especially against USD/JPY and GBP/JPY.
the pair is spending its ninth consecutive week showing resistance at the 163.00-163.38 zone and this week, bulls had an open door to run a breakout until they got caught at the 165.00 handle. That led to a strong pullback and as you can see from the weekly bar below, there's currently a pin bar that can also be argued as a shooting star formation. The weekly close will be key here as the Monday breakout was reversed later in the week, and seeing whether bears have the motivation to continue pushing will be telling as to whether JPY-strength has more potential for next week.
Longer-term, there's still a descending triangle in here with support down around the 155.00 handle. The 160 level would need to be dealt with first as that was a big spot of support in March/April, but it does provide some additional context in the event that a larger case of JPY-strength appears. - js
the pair is spending its ninth consecutive week showing resistance at the 163.00-163.38 zone and this week, bulls had an open door to run a breakout until they got caught at the 165.00 handle. That led to a strong pullback and as you can see from the weekly bar below, there's currently a pin bar that can also be argued as a shooting star formation. The weekly close will be key here as the Monday breakout was reversed later in the week, and seeing whether bears have the motivation to continue pushing will be telling as to whether JPY-strength has more potential for next week.
Longer-term, there's still a descending triangle in here with support down around the 155.00 handle. The 160 level would need to be dealt with first as that was a big spot of support in March/April, but it does provide some additional context in the event that a larger case of JPY-strength appears. - js
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.