JPY could continue to FALLhey tradomaniacs,
JPY is currently testing a very strong resistance-zone and could continue to fall 👉
If that`s the case and we see rising yields, we can consider to BUY EUR/JPY as US-DOLLAR is under pressure!
JPYBASKET trade ideas
JPY Index Pre-Election Analysis JPY Index ended the week consolidating at the previous HH (10229).If this market can't break and close above this current level I'll be looking a minor pullback towards the 50% fibonacci for buys which has confluence with a previous level of daily minor resistance. A break and close below the previous HL (9999) will invalidate buy setups.
JPYDepending how the current 8HR and Daily finish
If it breaks the trend line and the top Horizontal Ray I will be Bullish.
If it respects the trend line and goes to break the lower Horizontal Ray I will be Bearish.
JPY Index Analysis This market is still in the pullback phase. Waiting to see what this market does at the 50% fib level
JPY Index Bullish Market StructureThe JPY index has made a new HH. I'll be expecting a pullback towards the previously broken high
Canary in the coalmine!JPY basket is at a critical junction point following touch of descending trendline from March.
Will the Bull charge cause the JPY to breakdown next week?
Or will the Bears push it higher still?
Will it break support today?Yen still looking vulnerable. It's a bull market you know!
As always though it could go either way, always plan for either event and react accordingly!
JPY looking vulnerable...JPY basket of currencies is close to falling through support, will it hold?
I don't think it will but it could go either way.... as with everything in Forex!
4H JPY LONGJapanese Yen can rise from here after breaking through this structure zone and forming a new higher low.
4H JPY SHORTJPY attempted to break above structure and went right back below, now I think it will try to re-test the next low.
4H JPY SHORTJPY seems to be finding lower lows and we could see a break down on the JPY across most currencies.
Are JPY crosses due for strength (short JPY) end of June?Which JPY pair would be best to short JPY this week?
JPY Shows Strength On H1 Time ChartThe above chart shows the hourly ichimoku cloud of FXCM's JPY index - JPYBASKET. The observations are as follows:
- The lime green leading span A had crossed above the red leading span B.
- The forward cloud is light green and indicates support.
- Price is above the black base line and the base line is moving in a bullish direction.
- The orange lagging span is above price, which is indicative of strength.
These observations suggest an element of bullishness for FXCM's JPYBASKET.
#JPYBASKET $JPYBASKET [12H] The 2 Possible Scenarios.In a nutshell.
Follow for more setups...
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