It's a fact that the yen has lost more than 20 per cent of its value against the greenback so far in 2022, even after the Bank of Japan sold $20bn to halt its plunge in September. Central to the yen’s continued decline is the widening gulf between the BoJ’s ultra-loose monetary policy and the tightening trend exhibited by most other major central banks.
In the bigger technical picture we have an inverse H&S pattern leading to above 172 but neckline of the bullish pattern has never been backtested. So expect a pullback from 150.280 to backtest the neckline first at 124s before resuming the uptrend. However it seems that a bearish butterfly in the making hence neckline backtest may fail and drop even below to 105s , we see if/when get there.
In the bigger technical picture we have an inverse H&S pattern leading to above 172 but neckline of the bullish pattern has never been backtested. So expect a pullback from 150.280 to backtest the neckline first at 124s before resuming the uptrend. However it seems that a bearish butterfly in the making hence neckline backtest may fail and drop even below to 105s , we see if/when get there.
Note
Official silence from Japanese authorities, but 3 likely instances of failed intervention can be shown on the 15min chart. Not sure if they have the power to change the trend. The market always prevails.Note
Could not resist and took some profit at 148.285Note
Now I Enjoy the rest ride risk free.Note
Almost 3 months passed since posted this idea shorting this at top $150 & until the neckline hits.
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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.