The price is extremely bullish in all major time frames. If we look at the non-commercial's positions, we can see that short are aggressively increasing in JPY. Meaning JPY is getting weaker. Monthly: The price is in the retracement phase. If you take the fib form low to high of the retracement, .5 fib level is in confluence with important structure that the price respected. Daily The price created the 123-pattern stablishing a low. The price liquidated important sell side liquidity. We can expect the price to chase important buy side liquidity.
Non-commercials are aggressively adding shorts in JPY. This mean that they are selling the JPY aggressively. JPY long positions: 40,736 short: 136,929. Added last week short: 3,976 long: 19,509 As you can see short are way more and they keep aggressively adding more shorts.
Trade active
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If you applied a conservative stop-loss, this trade is still active. It is expected to reach the take-profit level between today and tomorrow, hopefully before the Fed rate decision. However, due to the anticipated volatility, it would be preferable to close the position earlier. I'll keep you updated.
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Trade is looking great. The price is very close to reach TP
@ProSignalsFx, Thank you for your kind words and positive feedback! I appreciate your support and encouragement. It's always rewarding to receive such positive responses from my audience. I strive to deliver valuable content and engage with my audience effectively. If you have any specific questions or topics you'd like me to address, please feel free to let me know. Thank you once again for your support, and I look forward to sharing more great content.
TheFxAce
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Nice trade. I agree the Yen is getting hammered lately wonder what will happen with the BOJ tomorrow likely nothing or more intervention ?? Though I am getting ready to sell some Yen pairs keep up the good work.
Wiiso
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@TheFxAce, Thank you very much for your support and comment. We appreciate your input. While the current situation is expected to remain unchanged, in this particular case, the Commitments of Traders (COT) provide all the necessary information I need to know. The JPY continues to be aggressively sold, indicating a potential further upward continuation. Especially when observing the monthly chart, it looks extremely bullish from a technical perspective. I anticipate it reaching as high as 160.400.
TheFxAce
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@enriluis01, Yes agree with the COT reports though if you look at last Year when it was getting sold heavily then intervention happened and it shifted the tide looking at the YEN index we are approaching last Year's low so really depends how low the BOJ are going to let this drop a policy shift or yield curve adjustment maybe not tomorrow but in coming months will cause the YEN to rally I think 160.400 is huge long shot though stranger things have happened. keep it up :)
Wiiso
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@TheFxAce, Thank you for your input. I agree that considering historical events and interventions, the Japanese Yen's movement can be influenced. The approaching last year's low on the Yen index does raise the question of potential policy shifts or yield curve adjustments by the Bank of Japan (BOJ) in the coming months. These factors could indeed impact the Yen's trajectory. While 160.400 may be a significant target, it's true that unexpected events can occur. I appreciate your encouragement, and I will continue to stay informed and analyze the market. Thank you!