The JPYBasket (“Yen Index”) is a Japanese Yen benchmark and is designed to reflect the change in value of the JPY against a basket of major world currencies.
Price testing this daily orderblock a.k.a. daily supply zone. I would like to see price reject this for more downtrend
JPY news.
GDP q/q
Actual 0.1 Forecast 0.3
Actual weaker then forecast = JPY weak.
PEPPERSTONE:JPYX Yen technical bullish pullback did a 50% retracement, at the same time price is at the weekly order block/supply zone.
Im expecting a continuation of the YEN bearish trend from here.
OANDA:GBPJPY this adds more confluence to my long position at GY
JPYX has returned to the earlier demand zone highlighted across both hourly and daily timeframes. Additionally, we've observed the fulfillment of a five-wave count within the current bearish trend, suggesting the potential for a reversal at this established demand zone.
The Japanese yen continues to decline after the Japanese Bank's statements not to take any measures to revive their currency, and in light of the rise of the dollar, it gives more weakness to the yen.
JPY 1D Outlook for next week
Currently JPY running with Descending channel and still on path correctly. Already broke the 4H Support level 754.4 and continues bear market.
Analyze recommend to open buy order with All JPY pairs according to strong side. ( USDJPY Didn't recommend till CPI )
Key levels D1
Pressure level located | 767.3 | 774.6
Support level...
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The sharp falls in Tokyo inflation for January remind investors of the ending of the
BoJ’s YCC and/or NIRP in 2024 are not set in stone. Tokyo inflation is a very good
leading indicator for the nationwide inflation data. Tokyo inflation excluding fresh
food as well as headline inflation plunged below the BoJ’s 2% target to 1.6% YoY;
well below the consensus...
The JPYX has reached a significant support level on the daily chart. I foresee a potential retracement, considering its entry into past daily lows and the current price swing being excessively extended. A JXY retracement towards the 61.8 Fibonacci level may present trading opportunities. It is important to note that the information presented here is intended...
Using JPYX inversed chart to monitor when GBP/JPY could be ready to deliver bullish.
Jpyx inversed chart, going up, means GJ goes up.
Ready to take a displacement bullish for a long.
Could this be a possible BUY for USDJPY? Based on what's happening on DXY chart, the market seems to reacting to a significant area of price.
There's a form of reversal chart pattern on the 4hr TF,
Let's see how this plays out.
Feel free to share your thoughts
Testing JPYX on inversed charts, to match and time my GBP/JPY trades & zones.
Notes:
2h structure:Going long, rooting for the current jpyx low to hold, waiting for it to retrace for the weekly bias
Weekly: Source is a bit deeper down, may take a while to reach there. Until then, longs are worth a shot on the valid SnD's. For the bigger picture, a bigger...
