Hey there everyone,
A currency's index can be of utmost importance while trading ,So let's see what's happening with the Yen Index to set targets and apply them to the XXXJPY pairs
As we can see the price just broke through an important zone and 2 descending trendlines ,achieving the target of the previous Double Bottom formation
Although waiting for more from...
on friday market tanked down because of of nfp and also because of technicals (market was already bearish for 2 weeks) so upcoming week there'll be a slow of momentum resulting in a corrective move (retest of broken trendline) then market will continue in overall direction and i'll be looking for price to reach my take profit level as it was a support level in the past
The higher Timeframes tell us we Long term Downtrend however we have seen less intent of movement to the downside.
Things to Consider before a Trend change:
1.Break of previous Lower high .
2.Create new Higher highs x2 or move
3.Reject Broken key levels.
Till then we should be considering selling on the Long-Run
The FXCM JPYBASKET has been consolidating since march on the weekly timeframe (blue rectangle). Two weeks ago, the basket made a concerted effort to break above its black 30-week EMA. However, this has not been convincing and price fell back to the EMA last week. We are looking to see if it is able to maintain its bullish momentum. If the basket is able to stay...
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next week we are buying JPYBASKET.
The JPY-BASKET is currently testing a strong resistance-zone after the breakout of a triangle 👉
So far sellers are taking some action and try to defend their zone which could lead to a pullback back down to the 61,8% fib-level.
A little bit suspicious is that a tringale usually contains 4 Waves, from...
JPYBASKET is in the bullish area on the daily chart on the left. A bullish cross of EMAs and stochastic potentially align short-term traders with the daily. If signals occur, movement of stochastic to 20 level and maintenance of that level increases the chance of a successful trade. Trend following indicators may be useful in this case as a potential exit tool....
with the retest of the previous breakout we could see another impulse upwards as UR YIELDS are currently falling, which is basically good for JPY.
Interesting to watch would be AUD/JPY, NZD/JPY, EUR/JPY aswell as GBP/JPY since all these curencies against the major USD were very weak today as expected.
JPY-Strenght could cause JPY-PAIRS to...