JPYx Japanese Currtency IndexThis is a simple breakdown of the JPYx (Japanese Currtency Index)
This is a major signal i use to know the strength of JPYs' before I enter a trade setup on JPY pairs.
JPYX trade ideas
JPY index In the coming weeks i expect a strong bullish activities to happen on JPY index as this asset is at it threshold of supply hence the Federal Bank will be cutting down supply for in imports and other economic determinants . As demand for the yen increase more position would be accumulated to buy more of the yen in the coming days hence market will see a rush off buy on the JPY.
GBP/JPY Outlook (21 February 2022)Overall, GBP/JPY is ranging across. Recently, GBP/JPY traded into the support zone of 156.000.
The UK flash PMI data will be released later at 1730 (GMT+8).
Flash Manufacturing PMI (Forecast: TBA, Previous: 57.3 revised from 56.9)
Flash Services PMI (Forecast: TBA, Previous: 54.1 revised from 53.3)
Currently, GBP/JPY is testing the support zone of 156.000 and the next resistance zone is at 158.000.
Look for short-term selling opportunities of GBP/JPY if it breaks the support zone of 156.000.
