6JJAPANAISE YEN IN GOOD POSITION TO EXPLOSE BECAUSE PROBABILITIES GAVES 0%
SO IT MAY GO UP OR DOWN ON 50% FOR EACH FO TILL ARRIVING OF RESISTENCE THINGS WILL BE CLEAR
MJY1! trade ideas
Japanese Yen Bottoming? Negative News Ahead?The Yen futures are at a very big flip zone as can be seen on the daily chart. On the 4 hour, we have had multiple swings lower, and that trend seems to be exhausting.
We had a fake out candle, indicated by the large wick, which is CONFIRMED due to the break and close above it.
Expecting to see some sort of pattern here, perhaps a head and shoulders.
The Yen is seen as a safe haven currency. Mainly because the Japanese government is seen as stable, and the fact that the Japanese have the highest savings of the western allied orientated nations. The Yen is backed by savings.
If we do see a move up here on the Yen, you must consider the possibility of some sort of negative news. Perhaps about the Coronavirus being worse than admitted by the Chinese. This is likely. I do not trust Chinese economic data, nor would I trust their data on the virus.
So we may be setting up for a pullback in equities on this news maybe which will come out next week. Just seeing the cycles of the chart.
So some pairs that look interesting:
EURJPY may trigger here on the daily candle break today.
CHFJPY may not trigger until next week.
USDJPY interesting on the 4 hour, but not the best looking trend that I look for.
Other yen pairs remain below their first lower high swings on the daily charts.
6J, Waiting for the break of equilibriumJapanese Yen Future is in equilibrium, It means that in that zone, no trend or signal for a specific trend is clear.
So, we will wait for a huge volume so that the 6J could break the equilibrium and increase, otherwise, it will continue with a small variation inside this range
WAIT PULLBACK ON RESISTANCE - 6J1! JAPANESE YEN TRAPPED IN RANGEThank you for your likes! Really appreciated! Thank you to share with everyone in the community.
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The market is trapped in a range . Wait for a break of the support/resistance.
The resistance has been tested several times . this has increased the probability of seeing a pullback
happening again at that price level.
Solution:
- Wait for pullback on resistance or break of support before entry.
-If you are already in, take your profits when possible and wait strong signal to enter again.
