JPY could move UP!Hey tradomaniacs,
with the retest of the previous breakout we could see another impulse upwards as UR YIELDS are currently falling, which is basically good for JPY.
Interesting to watch would be AUD/JPY, NZD/JPY, EUR/JPY aswell as GBP/JPY since all these curencies against the major USD were very weak today as expected.
JPY-Strenght could cause JPY-PAIRS to "catch up" with the moves of the day.
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JPYBASKET
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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Looking For Bearish Crosses on JPYBASKETJPYBASKET is in the bearish area on the daily chart on the left. A bearish cross of EMAs and stochastic potentially align short-term traders with the daily. If signals occur, movement of stochastic to 20 level and maintenance of that level increase chance of a successful trade. Trend following indicators may be useful in this case as a potential exit tool. Stop above hourly high in conjunction with risk management techniques.
GBPJPY LOVELY SELL OPPORTUNITY Broke trendline, now retesting TL, previous market structure, 50% fib lvl test, 4HR EMA50 and DAILY EMA50 retest.
That's five confluences there.
Yen Index at resistanceThe first two weeks of June has been fruitful for JPY, gaining strength against it's major counterparts. Maybe the strength will continue but my Yen index has rallied to resistance with supply above. AUDJPY and NZDJPY have very nice uptrends and I'll be watching these and others for their next impulse
JPYBASKET EMAs Cross Down On The HourlyThe above chart show's FXCM's JPY index, the JPYBASKET. The left chart show's the daily time frame. Here the index is below its black 20-day SMA and the RSI is on the bearish side of 50 (blue rectangle). These are indicative of an underlying bearish momentum. The right chart show's the hourly time frame. Here the green 5-hour EMA is below the orange 10-hour EMA and the short-term RSI has moved below 50. If the EMAs continue to show angle and separation, the index is likely declining.
JPY's Momentum Looks to Be BuildingThe charts show's FXCM's JPY index - the JPYBASKET. The left chart shows the daily time frame, which shows that the index is above its black 20-day SMA and that the SMA is angling up (aqua ellipse). The RSI is also above 50, which indicates bullishness (blue rectangle). The right chart show's the hourly time frame. The short time frame's RSI is bullishly above 50 (green rectangle). The hourly EMAs are looking to angle and separate. If this happens, the underlying upwards momentum will be building.
JPYBASKET Tests Daily Moving Average SupportThe left chart shows FXCM's JPY index, the JPYBASKET. It is trading at the black 20-day SMA, which is acting as support(green ellipse). The SMA is still pointing up and the RSI is above 50 (blue rectangle). As long as these dynamics hold, bullish momentum maintains. However, if price drops below the SMA and the RSI dips below 50, the momentum will turn bearish. The right chart shows the hourly time frame. The index has pulled back to the 76.4% Fibonacci retracement level. For the daily momentum to stay positive (left chart), we would need to see the index bounce from these levels and the hourly RSI move above 50 (green square).
JPYBASKET Pushes Above 20-Day SMAThe left chart shows FXCM's JPY index, JPYBASKET. It has pushed above its 20-day SMA and the SMA has started to turn up. Moreover, the RSI is on the bullish side of 50 (blue rectangle).The right chart shows the hourly time frame. Here, we can see that the EMAs are in bullish mode and the RSI, whilst testing the 50 level, has started to push up again. If the hourly holds these dynamics, we should see the JPYBASKET moving steadily upwards, pulling the SMA with it.
JPYBASKET Challenging Moving Average Resistance The left chart shows FXCM's JPY index, the JPYBASKET, challenging its black 20-day SMA. The SMA is also hinting that it might turn up. At the same time the daily RSI is looking to move above 50 (blue rectangle), which is indicative that an underlying bullish momentum might be building. The right chart shows the hourly time frame. We note that the hourly RSI is positive (green rectangle). If the hourly EMAs show further angle and separation, moving upwards, we may see a shift in the daily momentum towards the bullish side. We continue to watch.
