The Japanese Yen has begun to gain some strength against many of the Major Pairs and looks to be forming a Bear Flag on the daily that could take us down to the 800 Day EMA in time.
On another note about the JPY strength, there is another much older JPY Strength play that i am still participating in, in the form of GBPJPY that can be seen below:
The Yen is no longer as a safe haven with the BoJ indicating that they are not bothered with a weak Yen. I expect further weakness, anticipating that the ZARJPY, AUDJPY & NZDJPY being great plays for this weakness
The 0.618 Fibonacci extension lies ahead with the price target for 2022 being at the 100% level at 9.519.
The divergence in the MACD & RSI indicator indicates the end of the downtrend in the ZARJPY currency pair.
The price is fluctuating in the resistance area after breaking its long-term downtrend line and completing PULLBACK.
The price is expected to be able to get out of this area and experience the BULLISH.
Look for a correction after a strong impulse once you have identified the trend and trade that way. A correction is usually a point where the price struggles sideways. It signifies traders are either taking positions or they are taking profits from the previous motive move
Have a good trading week, folks🔥
There is an analysis update of ZAR/JPY forex pair.
It seems like reversal head and shoulders.
There was a strong bearish sentiment.
According to Elliott Waves theory all the waves are done and now price is heading to the breakout.
So follow the chart and look for the breakout...
Welcome to this analysis about ZARJPY, we are looking at the 4-hour timeframe perspectives. As when looking at my chart we can watch there how ZARJPY has developed this bearish wave-count to the downside and has now formed this bearish symmetrical-triangle-formation marked in my chart with the black boundaries. Within this formation, ZARJPY has the...