AUDJPY: Sell continuation with two support levels in focus.AUDJPY is on a 3 week selling streak with the 1D time frame just turning neutral (RSI = 45.648, MACD = 0.510, ADX = 43.673) after more than a month in the bullish zone. The price is approaching the 1D MA50, where you can buy on a 2-3 days basis but we mostly focus on getting a sell on that bounce and target the HL trendline (TP 93.100) near the S1. Further selling can be done only after the price closes a 1D candle under the 1D MA200 and target the S2 (TP = 90.300). Until that happens, the HL will be a buy entry for us, targeting R1 (TP = 96.850).
Prior idea:
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Japaneseyen
Japanese Yen Is Trading At The SupportJapanese Yen has been one of the weakest currency in the last couple of months. But, looking at the JPY Futures chart, we can see it finishing a larger A-B-C corrective decline, while it's trading at the support, which can cause reversal and recovery for the Japanese Yen.
Even COT data of the japanese Yen shows extreme levels for Large speculators (green). It means that we may see some slow down of a current bear move, or even rally in the months ahead.
Sell CHF/JPYPrice looks like its struggling to break through the key level, after momentum was lost yesterday, and price reversed to the downside, this looks like a pullback before further downside momentum continues. As the Asia session is close, and yesterday they bumped the yen, I expect more of it to continue.
CADJPY - TRIPLE TOP PATTERN📉Hello Traders!
On The Daily Time Frame, The AUDJPY Reached a Strong Resistance Level 📈
Currently, on 4H Time Frame, The Price Formed a Triple TOP Pattern📉
i'm waiting for a neckline break!
Then, we will see a huge bearish move📉
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TARGET 1: 107.710🎯
TARGET 2: 106.890🎯
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EURJPY: Breakout & Bearish Continuation 🇪🇺🇯🇵
EURJPY broke and closed below a solid horizontal demand zone on 4H.
The broken structure turned into resistance.
Retesting that, the price formed a double top pattern on an hourly time frame.
Its neckline is now broken.
I expect a bearish move to 156.0 / 155.6 levels.
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EURJPY: Strong sell opportunity.EURJPY hit the top of the long term Channel Up that started more than a year ago (March 2022) and is getting rejected so far. With the 1D technicals still green (RSI = 63.286, MACD = 1.680, ADX = 49.495) this indicates that the trend remains bullish so we will sell and initially target the 1D MA50 (TP = 153.000). The reason is that it has been unbroken since April 6th. If the price closes a 1D candle under it, then we will take another sell and target the 0.5 Fibonacci retracement (TP = 149.000). Otherwise every 1D MA50 hit is a buy.
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CHFJPY Sell signal on the Channel Up.CHFJPY is trading inside a Channel Up in the past 4 months and right now turned sideways after hitting the top of the pattern.
This is a Higher High sell signal which has a triple level target.
Trading Plan:
1. Sell on the current market price.
2. Buy at 157.500 and as long as the RSI (1d) holds the 53.50 Support.
Targets:
1. 157.500 (the 0.5 Fibonacci, Rising Support and potential contact with the MA50 1d).
2. 164.000 (Higher High).
Tips:
1. The RSI (1d) crossed under its MA giving an additional sell signal. Moreover the 53.50 Support, has given an accurate sell target and in turn buy entry, 3 times inside 2 months.
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NZDJPY Best short opportunity in more than a monthNZDJPY hit the top of the 3 month Channel Up on a peak formation that's the same as the previous Higher Highs.
This is a prime candidate for a short position considering that the 1day RSI also displays a Bearish Divergence.
Sell and target the 1day MA50 at 86.750, even though the pull back can extend as low as the 0.618 Fibonacci based on the previous Channel Up pull back.
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AUDJPY: Classic Bull Flag PatternI'm expecting further strength for the Aussie this week, and weakness from the Yen against it, so I'm looking for a long.
We may fall-back to the 38.2 fib but then I think we'll see a strong move upwards, breaking out of the bull flag.
We've seen this retracement as the pair became over-bought, but we now seem clear for a continuation upwards.
I'm keeping a close eye here for signals and confirmation using LTF's.
AUDJPY - WAITING FOR BREAKOUT📈Hello Traders!
On The Daily Time Frame, The AUDJPY Reached a Strong Support Level 📈
Currently, on 4H Time Frame The Price Formed a Falling Wedge📉
i'm waiting for a breakout of the Resistance line !
Then, we will see a huge bullish move📈
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TARGET: 97.470🎯
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GBPJPY: Bullish Pattern... Again! 🇬🇧🇯🇵
No surprise, GBPJPY is trading in a bullish trend.
However, after the price reached, 183.77 level at the end of June,
the pair started to consolidate.
The market formed a cup and handle pattern on 4H time frame.
Its neckline breakout will be a very strong trend-following signal.
4H candle close above 183.88 will confirm the breakout.
A bullish continuation will be expected to 184.5 level then.
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CADJPY Bullish over the 4hour MA50, bearish under it.CADJPY held again the 4hour MA50, which has been providing rebounds for the 1 month Channel Up with breaking since June 1st.
Buy as long as the price stays over it and target the September 13th High (Resistance A) at 110.600.
Sell if it breaks under the MA50 and target the 4hour MA100.
The 4hour RSI is holding its Rising Support. An additional pivot level to use.
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USDJPY: Detailed Technical Outlook 🇺🇸🇯🇵
USDJPY is trading in a strong bullish trend on a daily.
Ahead, I see a solid horizontal resistance from where the market
may initiate a correctional movement.
Analyzing a price action on 4H time frame, I noticed that the pair started to slow down.
The price is currently trading within a rising channel.
To catch the initiation of a correctional movement, wait for a bearish breakout of the support of the channel. 4H candle close below that will confirm the violation. A bearish continuation will be expected then.
Alternatively, a bullish breakout of the underlined blue are will be a strong bullish signal.
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USDJPY: Slowing Momentum & Your Trading Plan 🇺🇸🇯🇵
I guess that it is obvious that USDJPY is bullish.
However, analysing the price action, we can spot a slowing momentum:
after a sharp bullish impulse, the market started to grow within a rising wedge pattern -
a classic reversal pattern.
Its support breakout will be a strong bearish signal.
Wait for a 4H candle close below its boundary as a confirmation.
Sell aggressively or on a retest then.
Target will be - 143.44
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AUDJPY Bull Flag broken upwards. Buy opportunity.AUDJPY crossed today over the MA50 (4h), breaking at the same time above the 10 day Bull Flag pattern.
All this after holding the MA50 (4h) as Support.
Trading Plan:
1. Buy on the current market price.
Targets:
1. 97.675 (Resistance 1).
Tips:
1. The RSI (4h) broke above its Resistance. An additional bullish signal.
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USD is Trading Inside of Wedge and May Rise to ResistanceHey Traders👋🏻
On The Daily Time Frame The USDJPY Price Reached a Strong ResistanceLevel (142.255-141.267)✔
The Price Broke This Key Level (The Resistance Becomes New Support Level)
Moreover, The USDJPY has created a Rising Wedge pattern and trades inside.
So, I Expect a Bullish Move📈
i'm waiting for a Retest...
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TARGET: 145.050🎯
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GBPJPY: Hit a 2 year Resistance. Hard fall possible.GBPJPY hit today the top (HH line) of the Megaphone pattern that started on the May 24th 2021 High. Tha last time it did (April 18th 2022), the price got rejected back to the 0.618 Fibonacci level and the 1W MA50. Right now the 1W MA50 is already near the 0.618 Fibonacci and is headed towards the 0.5. With the 1W technicals vastly overbought (RSI = 75.716, MACD = 4.620, ADX = 61.529), we expect a hard landing for the pair and open a long term sell targeting the 0.5 Fibonacci (TP = 170.000), where not only we project contact with the 1W MA50 but is also where the HL of the Rising Wedge is.
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CHF JPY - FUNDAMENTAL ANALYSISAdam Cole, Chief Currency Strategist at RBC Capital Markets, has highlighted recent policy shifts from the Swiss National Bank (SNB), the persistent threat of imported inflation, and increasing levels of verbal intervention in Japan.
"While the Swiss National Bank (SNB) may have let down some investors with a 25bp rate hike last week when many were hoping for a 50bp increase, it made its intentions clear: it's ready to buy CHF to provide suitable monetary conditions," says Cole.
Indeed, despite a somewhat disappointing rate hike, the SNB's commitment to provide appropriate monetary conditions and willingness to buy CHF indicate a robust approach to currency management.
The SNB's current focus on selling foreign currency further substantiates this view.
Furthermore, the Swiss central bank's leadership recognises the benefits of CHF appreciation in the current economic climate.
SNB Chair Jordan noted that the strong CHF has effectively acted as a shield against imported inflation, an increasingly prevalent issue globally.
"SNB Chair Jordan revealed over the weekend that from the present perspective, monetary policy might not be tight enough to anchor price stability. He also noted that CHF appreciation has shielded Switzerland from imported inflation," Cole adds.
In Japan, meanwhile, the situation is a bit more nuanced. Despite the increasing verbal interventions from officials, the strategists at RBC believe there is potential in shorting JPY at current levels.
"In Japan, officials are ratcheting up their verbal interventions. Despite this, and the rising risk of intervention, RBC sees potential in shorting JPY at current levels," says Cole.
The pullback in USD/JPY from Friday's highs does leave some room for maneuver. This environment, coupled with the SNB's policy stance and Switzerland's inflationary shield, has led RBC to take a bullish position on the CHF/JPY pair.
As the markets continue to evolve in response to inflation, interest rate adjustments, and economic policy decisions, the perspective offered by strategists like Cole is crucial.
EURJPY initiating a sell signalEURJPY is trading inside a Channel Up for the past 3 months.
The price is approaching the top of the Channel Up on a +9.00% extension, such as the May 2nd top.
Trading Plan:
1. Sell on the current market price.
Targets:
1. 153.750 (bottom of the Channel Up, below the 0.382 Fibonacci and above the MA50 1d).
Tips:
1. The RSI (1d) will give a confirmed sell signal after it crosses under its MA line. It did so on May 3rd.
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