JPY could fall very SOON !# GoodChancesHey tradomaniacs,
Its the same old story 👉 The market awaits more inflation-data from the USA aswell as the European Central Banks meeting to get any hints for possible tighter monetary policy plans.
On thursday we get a bunch of important data, such as the U.S. initial jobless claims, U.S. CORE CPI and the ECB Interest Rate Decision which is probably a reason for the market to stay in its current ranges and continue the week with some choppiness.
I`m personally focusing on JPY-Trades today as I see a great chance coming here soon 👉
Looking at the JPY-BASKET we could get a trendcontinuation here very soon and so great chances to sell JPY against other pairs, auch as AUD/JPY, EUR/JPY aswell as GB P/JPY, where I see good opportunities coming soon.
Let`s see! =)
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Peace and good trades
Irasor
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Jpyanalysis
JPY Update 10.24.2020The JPY is in the middle of a huge flag and building for a massive breakout by the end of next week. The JPY pairs should make a huge move this week. My personal trade of the week is the GBPJPY. The GBPJPY has a massive channel on the 4 Hour or Daily (see chart below). I will buy a bounce off of support. If support fails, I might sell, but I'll wait for strong confirmation.
Expect all JPY pairs to make a big move this week.
If you want access to the Currency Matrix used on this chart, you can get it here: tradevision2020.com
GBPJPY Buy zone ACTIVATEDAs shown on the chart, based on Elliot wave count, the corrective wave 4 has ended, this give an opportunity to trade the last motive wave 5.
This is in confluence with the 50 to 61.8 fib level of BC a 5-0 pattern, expecting to trade the D leg
The risk reward ratio is 3.7
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Thank you