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JPYBASKET trade ideas

Short-Term Japanese Yen Forecast Possibility of a correction for more upside within the YEN in the coming weeks! The YEN has become heavily bearish after it recently broke below a key structure level and previous monthly lows to create a lower low in the market. Price has been moving with clear impulses and corrections on the larger time frames and it is clear to see that we are retracing which is part of a larger correction with the likely-hood of another impulsive move down at some point. For the moment however, price is creating clear bullish trending structures on the lower time frames meaning my bias is short-term bullish until we see a break of structure and a change in trend. At the end of this week we have seen price impulse up into a daily key level and close below. As this was a strong impulse, i would like to see price move in a descending corrective manner at which i will be targeting 2 levels for bullish momentum. The first possible price reversal zone would be as marked as this is also a 50/61.8% Fib retracement. However, there is the possibility of price to push lower to close the imbalance left in the market which was caused by the impulsive move. As long as we don't break structures i will remain bullish in the short term and look to target the weekly key level of 9550. One thing i will be watching for is the possibility of a double top around the daily key level incase we roll over to the downside, then my bias will change to bearish which will fit in with the overall continuation of the larger trend. When looking at which of the YEN currency pairs to trade i will be looking to see if i can see descending corrective movement in JPY/XXX & Ascending corrective movement in XXX/JPY pairs which mirror the index. Feel free to leave any comments!
FX:JPYBASKET
by PercentageOverPips
YEN BASKET SELLlistening to call me if you get lost and on one song he was like "rolls royce pull up black boy hop out" resonates with me 100% 🤣 okay yen basket... • last week marker respected my upward trendline for the 3rd time and bought • reached a level of resistance and lost some steam as we can see by the short bodies of the candlesticks • which all this caused a period of consolidation and an upward consolidation pattern at that • so i'm expecting that pattern to break and then only will it be all systems go to SHORT the YEN BASKET • take profits will be set at the trendline as i expect it to go test it again or maybe even break who knows GREAT SUCCESS!!!
FX:JPYBASKETShort
by K0KETSO
1
yen basket sell• this pair has formed a channel on the daily and weekly timeframes • and for the past trading days it has formed an upward correction on the DAILY and H4, after a huge bearish impulse • a third touch on the corrective pattern happened yesterday so market was bearish today and i'm looking to see it carry on it's bearish trend until the support of the channel • an inner trendline formed on the H1 and H4, it has been broken together with a support level which makes it able to SHORT the YEN BASKET (H1 closed below support) if we had missed the initial breakout
FX:JPYBASKETShort
by K0KETSO
YEN BASKET BEARISH CONTINUATION so what we have here is... • this market has been BEARISH from pretty much 2020 and has formed a DOWNWARD TRENDLINE/BEARISH CHANNEL • in september price respected the downward trendline/resistance of channel and has been in a BEARISH move towards the support of the trendline •so in the past week there was a corrective move seeing by the short term change in direction and small bodies of the DAILY candlesticks • a downward and upward inner trendline were formed and now market is by the apex so expecting a breakout to the downside and price is to go respect the support of the channel • i'll only enter if the H1 breaks and closes below the upward trendline but then if market goes bullish we adapt and change our approach GREAT SUCCESS!!
FX:JPYBASKETShort
by K0KETSO
JPY BASKET Where next ?Hey there everyone, A currency's index can be of utmost importance while trading ,So let's see what's happening with the Yen Index to set targets and apply them to the XXXJPY pairs As we can see the price just broke through an important zone and 2 descending trendlines ,achieving the target of the previous Double Bottom formation Although waiting for more from the yen may be tempting to make more pips however this seems unlikely as price has been on the rise the whole week So we have 2 scenarios in mind : 1-This is just a fake-out which will be confirmed by returning below the previous resistance and trendline as we are at: #Fib level 0.786 #Long Upper Wick #near 100 EMA #approaching overbought area on HTF 2-A break-out in progress AFTER we complete a short term retracement to retest the broken structures during the next week near Golden Fib levels and the 100 EMA + 20 EMA Crossing the 50 EMA Targets will be 1-Continuation of the Downtrend since 2021 making a LL below 9000 within the next couple of months 2-First one will be the previous zone of resistance at 9400 to 9450 Next one will be around 9550 $$$ THE COLOR CODING SYSTEM $$$ Violet : Weekly and Monthly Red : Daily Blue : Hourly Thanks for your reading and wishing you all a good weekend
FX:JPYBASKET
by kimozelghonemy