The Yen futures are at a very big flip zone as can be seen on the daily chart. On the 4 hour, we have had multiple swings lower, and that trend seems to be exhausting.
We had a fake out candle, indicated by the large wick, which is CONFIRMED due to the break and close above it.
Expecting to see some sort of pattern here, perhaps a head and shoulders.
The Yen is seen as a safe haven currency. Mainly because the Japanese government is seen as stable, and the fact that the Japanese have the highest savings of the western allied orientated nations. The Yen is backed by savings.
If we do see a move up here on the Yen, you must consider the possibility of some sort of negative news. Perhaps about the Coronavirus being worse than admitted by the Chinese. This is likely. I do not trust Chinese economic data, nor would I trust their data on the virus.
So we may be setting up for a pullback in equities on this news maybe which will come out next week. Just seeing the cycles of the chart.
So some pairs that look interesting:
EURJPY may trigger here on the daily candle break today.
CHFJPY may not trigger until next week.
USDJPY interesting on the 4 hour, but not the best looking trend that I look for.
Other yen pairs remain below their first lower high swings on the daily charts.
We had a fake out candle, indicated by the large wick, which is CONFIRMED due to the break and close above it.
Expecting to see some sort of pattern here, perhaps a head and shoulders.
The Yen is seen as a safe haven currency. Mainly because the Japanese government is seen as stable, and the fact that the Japanese have the highest savings of the western allied orientated nations. The Yen is backed by savings.
If we do see a move up here on the Yen, you must consider the possibility of some sort of negative news. Perhaps about the Coronavirus being worse than admitted by the Chinese. This is likely. I do not trust Chinese economic data, nor would I trust their data on the virus.
So we may be setting up for a pullback in equities on this news maybe which will come out next week. Just seeing the cycles of the chart.
So some pairs that look interesting:
EURJPY may trigger here on the daily candle break today.
CHFJPY may not trigger until next week.
USDJPY interesting on the 4 hour, but not the best looking trend that I look for.
Other yen pairs remain below their first lower high swings on the daily charts.