As from my previous analysis, I spoke about JPY will become stronger because of the current worldwide recession, and in the new week, JPY may become stronger again. Because from the daily chart, price break below the stong resistance, and may retest the previous support now turned to resistance and more downside from this area.
From the COT perspective, hedge funds are still bullish on JPY, they added around 4k of long positions on JPY. Although now EUR seems stronger than the JPY, but the recession could make JPY become stronger since JPY is safe heaven currency.
I will be monitoring the 4h price action inside the strong area, if there has shown any confirmation inside this area, then I will take a short position on EJ with a good risk-reward.
Remember, always reacting to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.
From the COT perspective, hedge funds are still bullish on JPY, they added around 4k of long positions on JPY. Although now EUR seems stronger than the JPY, but the recession could make JPY become stronger since JPY is safe heaven currency.
I will be monitoring the 4h price action inside the strong area, if there has shown any confirmation inside this area, then I will take a short position on EJ with a good risk-reward.
Remember, always reacting to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.