Mic is messed up, only used visual demo
A short bear market, however do see the possibility of retracing steps back up to 93 region based on tip-off and observations on one of the indicators.
Trade chart at your own risk.
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the index is on long-term uptrend but a bearish correction is expected for couple of weeks with abcd pattern , overbought on stochastic , and reaching 1.27 on fibo levels , the bearish move wil continue till the 0.681 fibo of the uptrend ( japenese yen pairs are mostly for sell in these couple of weeks especially against usd )
Follow the currency index is very important for our decision
Ichimoku show the chance to going up
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- Ichimoku Kinko Hyo -
The Japanese Yen Index broke out of a bearish pennant pattern, - to the upside.
The 61.8% does look like a sell area, only IF $JPX act accordingly.
My max lock profit target for this move is at the 50% fib retracement.
One pip lower than the support of the actual Triangle puts me at a complete bearish sentiment. I’d be concervative enough to stay out of a...
The Yen closed the week with a price higher than the previous structure close, to the left. The bullish wave is staying on top of the BB 20 indicating a short-medium term bullish run, possibly to reach the highest previous high. I expect a short period short, but then I definitely see strength picking back up to finish this job. Cheers to the Bulls!
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JXY (Derived Data)
