1. JPY - Japanese Yen
COT Report: 179,144 net positions as of 04/23/24 - Yearly High
Fundamentals:
Japanese Central Bank Rates: <0.10%
Tokyo CPI (Forecast 2.2%, Actual 1.6%)
Steady Yen strengthening despite negative JPY fundamentals.
Summary:
BOJ's interest rate maintenance and USD Non-Farm Payroll data contribute to potential turning points.
The 6J is the Chicago Mercantile Exchange contract for the JPY futures. We have been in a bearish wedge and probing pretty key support. Our listeners of our daily show have asked our team how close we would be to intervention from the Ministry of Finance (MOF), or intervention rhetoric from the Bank of Japan in recent weeks. Our team has explained almost daily...
Price IS retesting Zone Between .382% and .500%. I'm Expecting a stop hunt. Waiting for Break Above trendline of corrective wave (0.0067885) Entry on Retest.
Entry:0.0067875
SL:0.0067510
TP:0.0068595
Not trading Advice Just My Plan for the day.
Good Luck
The targets set for the Yen on February 19th have almost been reached.
The uptrend still has a small potential to reach target number 2, but after that the Yen's downtrend will most likely continue.
This is supported by COT reports and activity in option portfolios, which were formed on February 29 (at the local minimum) on the CME exchange.
The prices of...
Japanese Yen has been very weak since start of the year, but we can see a three-wave A-B-C corrective decline on Japanese Yen Futures chart, which can be now completed by current sharp reversal up above important trendline. So, we believe that Japanese yen may now face a recovery in the upcoming days/weeks, maybe months, just be aware of short-term pullbacks.
4 hour downtrend is extended and reaching the 8th wave.
1 hour chart is still showing a downtrend but price is trying to break above the 50 SMA.
We saw a full trend reversal on the 15 and 5 minute trend with a clear break of structure.
I took an aggressive entry and have a target set at 2:1
I am showing a possible direction for the JPY index, meaning we can then expect some correlation from JPY involved' pairs. I see buys at demand zone on both daily and 4HR timeframe. Watch my next Post for CADJPY and other JPY based pairs for buys and sells..
Yen Futures Contracts drives the Yen pairs, any break down from consolidation could mean a collapse of the Yen! Let's see, if it does get ready Members'! Chris
Expanding Triangle
Rules
Most rules are the same as for contracting triangles, with these differences:
Wave C, D, and E each move beyond the end of the preceding same-directional subwave. (The result is that going forward in time, a line connecting the ends of waves B and D diverges from a line connecting the ends of waves A and C.)
Subwaves B, C, and D each...
There is a Bullish Shark visible on the Japanese Yen Futures contract expiring on Feb 16th 2024, there is also RSI Bullish Divergence on the 4 Hour Timeframe at this level. A higher low bounce in the JPY from here would likely result in further tightening of the Japanese carry trade, which would be bad for stock and particularly bad for REITs and Financial...
The Japanese Yen is one of the worst performing currencies in 2024. It has weakened 5.4% against the USD.
Forces have been stacked against Yen ever since the US Federal Reserve started raising interest rates at a record pace. In sharp contrast, ultra loose monetary stance from the Bank of Japan (BoJ) resulted in wide policy rate differential of 5% between...
:: FUNDAMENTAL
1] There is a high probability that the Japanese Government will intervene after 150 (which is already done)
2] The Banks forecast on U/J for the 1st Quarter of 2024
BMO Jan 13 143
HSBC Jan 18 142
Westpac Jan 19 145
MUFG Jan 5 140
Nordea Jan 5 137
UOB Jan 5 140
Bank of...
$JPY needs to test these multiyear lows before I'm a fan of buying the yen again. We are attacking this play via GBPYJPY last 2 weeks. Giving it a rest for now - Need to test these lows!
The YEN is a flight to safety, much like Tbills. We should see a continued push into the Yen throughout the next year with a target that is roughly 20% higher.
In Karate, offense is the best form of defence. The BoJ knows it. Japan faces a raft of economic headwinds which shows up in Yen’s performance.
The BoJ intervened strongly last year to support the currency when it skirted around current levels. Yen is hovering at those levels again. BoJ is anticipated to act. Such interventions typically mark the bottom.
This...
