The JPY Basket is showing signs of a potential bullish reversal after reaching a key support zone at 6,183. Last week’s hammer candlestick signals strong buying pressure, reinforcing the likelihood of a trend shift.
Technical Analysis
Key Support & Market Structure Shift:
Price previously tested the 6,183 support level, where buyers stepped in.
A Change of Character (CHoCH) occurred around 7,330, indicating a shift in momentum.
The market formed a lower high near the 6,183 level, suggesting that sellers are losing control.
Trendline Breakout Expectation:
Price is currently trading below a bearish trendline.
A breakout above this trendline would confirm a bullish continuation.
If price holds above 7,330, further upside momentum is expected.
Confirmation & Target:
Last week's hammer candlestick provides additional confirmation for a bullish bias.
Targeting 8,456, aligning with previous structural highs and liquidity zones.
Trade Plan
Entry: On a confirmed breakout of the bearish trendline.
Stop Loss: Below recent swing low for risk management.
Target: 8,456 (next key resistance).
JPY Bias: Strong buy signal; expect JPY strength across pairs where it is the quote currency.
Conclusion
The JPY Basket is positioned for a bullish breakout, supported by a key support bounce, CHoCH, and trendline dynamics. With last week's hammer candlestick as added confirmation, we anticipate JPY strength moving forward.
🚀 JPY BUY BIAS: Expect Weakness in JPY-quoted Pairs! 🚀
Technical Analysis
Key Support & Market Structure Shift:
Price previously tested the 6,183 support level, where buyers stepped in.
A Change of Character (CHoCH) occurred around 7,330, indicating a shift in momentum.
The market formed a lower high near the 6,183 level, suggesting that sellers are losing control.
Trendline Breakout Expectation:
Price is currently trading below a bearish trendline.
A breakout above this trendline would confirm a bullish continuation.
If price holds above 7,330, further upside momentum is expected.
Confirmation & Target:
Last week's hammer candlestick provides additional confirmation for a bullish bias.
Targeting 8,456, aligning with previous structural highs and liquidity zones.
Trade Plan
Entry: On a confirmed breakout of the bearish trendline.
Stop Loss: Below recent swing low for risk management.
Target: 8,456 (next key resistance).
JPY Bias: Strong buy signal; expect JPY strength across pairs where it is the quote currency.
Conclusion
The JPY Basket is positioned for a bullish breakout, supported by a key support bounce, CHoCH, and trendline dynamics. With last week's hammer candlestick as added confirmation, we anticipate JPY strength moving forward.
🚀 JPY BUY BIAS: Expect Weakness in JPY-quoted Pairs! 🚀
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.
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.