Broke trendline, now retesting TL, previous market structure, 50% fib lvl test, 4HR EMA50 and DAILY EMA50 retest. That's five confluences there.
The 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
The 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...
FX:JPYBASKET Is prone to break the high @10650. #ahmedmesbah
The 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...
The 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 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...
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...