Yen BasketLong
The Yen has reasons for strengthen!
Hello everyone!
🇯🇵Yen is Ready for a Breakout!💴
The Japanese Yen GPI Basket Index is testing a key resistance level at 6,750-6,840. Over the past three weeks, the index has been steadily approaching this level without sharp movements. Fundamental factors suggest a potential breakout, but a short-term consolidation may occur first.
If the resistance is broken, the index could accelerate toward the next major level at 7,150-7,250, which aligns with the midpoint of the anticipated parallel channel. Currently, lower timeframes indicate overbought conditions, suggesting the need for liquidity accumulation.
In case of a breakout, short positions on GBPJPY and EURJPY appear the most promising, as these pairs have strong movement potential. 🤑
#Forex #Trading #JPY #ForexAnalysis #Yen #FX #MarketUpdate #TechnicalAnalysis #GBPJPY #EURJPY #ForexSignals
🇯🇵Yen is Ready for a Breakout!💴
The Japanese Yen GPI Basket Index is testing a key resistance level at 6,750-6,840. Over the past three weeks, the index has been steadily approaching this level without sharp movements. Fundamental factors suggest a potential breakout, but a short-term consolidation may occur first.
If the resistance is broken, the index could accelerate toward the next major level at 7,150-7,250, which aligns with the midpoint of the anticipated parallel channel. Currently, lower timeframes indicate overbought conditions, suggesting the need for liquidity accumulation.
In case of a breakout, short positions on GBPJPY and EURJPY appear the most promising, as these pairs have strong movement potential. 🤑
#Forex #Trading #JPY #ForexAnalysis #Yen #FX #MarketUpdate #TechnicalAnalysis #GBPJPY #EURJPY #ForexSignals
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.