Early reactions on supports for Yen - What's next?
JPX still has to retake 72 for it to be showing signs of the big butterfly reversal being in play.
Here's a few shorter-term signals that help to define the area in which to bet most aggressively on the low and place tight stops. Once there's a pullback a low should stop before the 220 fib. As we got close to this 220 fib was where I scaled up my long Yen positions.
An early bounce on this level often indicates we'll go up at least a bit more. The question at this point is most often will we see a 2 leg correction in the downtrend or will we see an explosive 5 wave climb breaking the downtrend?
I very much doubt the breaking of the Yen downtrend would come without news. Might be BoJ news. Could be world markets/risk-off news. And sadly the theme of news during the bear moves of 2020 and 2022 has often been news related to real world suffering and death.
But usually "Something" has to happen for a big turn like this to come into effect. Most often something I could not predict (And guessing the headline does not matter).
Here's a few shorter-term signals that help to define the area in which to bet most aggressively on the low and place tight stops. Once there's a pullback a low should stop before the 220 fib. As we got close to this 220 fib was where I scaled up my long Yen positions.
An early bounce on this level often indicates we'll go up at least a bit more. The question at this point is most often will we see a 2 leg correction in the downtrend or will we see an explosive 5 wave climb breaking the downtrend?
I very much doubt the breaking of the Yen downtrend would come without news. Might be BoJ news. Could be world markets/risk-off news. And sadly the theme of news during the bear moves of 2020 and 2022 has often been news related to real world suffering and death.
But usually "Something" has to happen for a big turn like this to come into effect. Most often something I could not predict (And guessing the headline does not matter).