It's a fact that the yen has lost more than 20 per cent of its value against the greenback so far in 2022, even after the Bank of Japan sold $20bn to halt its plunge in September. Central to the yen’s continued decline is the widening gulf between the BoJ’s ultra-loose monetary policy and the tightening trend exhibited by most other major central banks.
In the bigger technical picture we have an inverse H&S pattern leading to above 172 but neckline of the bullish pattern has never been backtested. So expect a pullback from 150.280 to backtest the neckline first at 124s before resuming the uptrend. However it seems that a bearish butterfly in the making hence neckline backtest may fail and drop even below to 105s , we see if/when get there.
In the bigger technical picture we have an inverse H&S pattern leading to above 172 but neckline of the bullish pattern has never been backtested. So expect a pullback from 150.280 to backtest the neckline first at 124s before resuming the uptrend. However it seems that a bearish butterfly in the making hence neckline backtest may fail and drop even below to 105s , we see if/when get there.
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Official silence from Japanese authorities, but 3 likely instances of failed intervention can be shown on the 15min chart. Not sure if they have the power to change the trend. The market always prevails.
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Could not resist and took some profit at 148.285
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Now I Enjoy the rest ride risk free.
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Almost 3 months passed since posted this idea shorting this at top $150 & until the neckline hits.