JPY is about to become a safehaven - With Stocks dropping
Hello all
DuncanForex here with a trade idea - with no advertising about anything so the post will stay active.
With the power move during February 2020 (The AB Move) and then a slower retrace to the previous area of support which is now resistance.
With the Yen seen as a safe haven, this trade is to compliment my currently active short on the FTSE.
The FTSE broke out of its downward consolidation long and is now progressing higher over the past few months to the 61.8 Fib retrace.
Don't be fooled by this Bullish move that occurred this week, the price is right in the middle of the 61.8% and 78.6% zone, it will consolidate again and i still think based on my analysis, the CD move will be completed and the FTSE will ultimately go down to 3500 area.
With the Yen now not making higher highs and in the 61.8% zone on a bearish Fibonacci move, i expect the Yen to gather pace once the Fed speaks.
Now the goal is to match the YEN against the weakest other currency, which could be the EUR.
Stay safe and safe trading
Duncan
DuncanForex here with a trade idea - with no advertising about anything so the post will stay active.
With the power move during February 2020 (The AB Move) and then a slower retrace to the previous area of support which is now resistance.
With the Yen seen as a safe haven, this trade is to compliment my currently active short on the FTSE.
The FTSE broke out of its downward consolidation long and is now progressing higher over the past few months to the 61.8 Fib retrace.
Don't be fooled by this Bullish move that occurred this week, the price is right in the middle of the 61.8% and 78.6% zone, it will consolidate again and i still think based on my analysis, the CD move will be completed and the FTSE will ultimately go down to 3500 area.
With the Yen now not making higher highs and in the 61.8% zone on a bearish Fibonacci move, i expect the Yen to gather pace once the Fed speaks.
Now the goal is to match the YEN against the weakest other currency, which could be the EUR.
Stay safe and safe trading
Duncan
Trade active:
First was stopped out - re-entered after stop hunt
GBPJPY
EURJPY
GBPJPY
