Exactly one year ago, the JPY Currency Index broke above the falling trendline of a falling wedge, signaling the end of a bearish cycle that had lasted nearly five years.
As is typical after long-term reversals, the reaction was sharp and fast, and the price quickly reached the first resistance target of the pattern.
Since then, the index entered a lateral phase, with clear support forming around the 730 zone.
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🔍 Current Price Action
Recently, the price pulled back to test that same support, and at the time of writing it sits at 737, forming a tight consolidation.
This suggests we’re again at an inflection point.
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📊 Trade Outlook
From a medium-term perspective, I believe the index is preparing for another leg higher, potentially toward resistance at 780.
➡️ That would mean a 7% rise on the JPY Index – and this move could translate into more than 1,000 pips of downside for pairs like EURJPY and GBPJPY.
________________________________________
🔄 What’s Next?
In the coming sessions, I’ll focus on these two pairs as they offer the clearest setups and have the strongest volatility.
Stay tuned — follow for the next updates. 🚀
As is typical after long-term reversals, the reaction was sharp and fast, and the price quickly reached the first resistance target of the pattern.
Since then, the index entered a lateral phase, with clear support forming around the 730 zone.
________________________________________
🔍 Current Price Action
Recently, the price pulled back to test that same support, and at the time of writing it sits at 737, forming a tight consolidation.
This suggests we’re again at an inflection point.
________________________________________
📊 Trade Outlook
From a medium-term perspective, I believe the index is preparing for another leg higher, potentially toward resistance at 780.
➡️ That would mean a 7% rise on the JPY Index – and this move could translate into more than 1,000 pips of downside for pairs like EURJPY and GBPJPY.
________________________________________
🔄 What’s Next?
In the coming sessions, I’ll focus on these two pairs as they offer the clearest setups and have the strongest volatility.
Stay tuned — follow for the next updates. 🚀
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.