USDJPY Plus DXY and JXY Technical Analysis👀 👉 The USDJPY pair recently broke structure bullish, as seen on the 4H timeframe. In this video, we closely examine the DXY, JXY, and USDJPY, discussing the trend, market structure, and price action. We also explore a potential trade setup.
**Disclaimer:** Forex trading involves significant risk, and market conditions can change quickly. The information provided is for educational purposes only and should not be considered financial advice. 📉 ✅
JXY
JPYX Japan Currency Index IdeaThe JPYX has reached a significant support level on the daily chart. I foresee a potential retracement, considering its entry into past daily lows and the current price swing being excessively extended. A JXY retracement towards the 61.8 Fibonacci level may present trading opportunities. It is important to note that the information presented here is intended solely for educational purposes and should not be interpreted as financial advice.
USDJPY 19/11/23USD JPY in a bearish range as it was from Thursday we created our swing low and confirmed our swim pines we're now waiting for every sweep of the swing high for continuations down or a break out of this range lower which we can then continue to follow into this new bearish range.
Remember to always read order flow and follow what price is showing you instead of trading based on your desired direction. And, as always, stick to your risk and your plan.
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Japanese Currency Index: Harmonic Bottom with RSI ConfirmationThere is a Confluence of a Bullish Butterfly and a smaller Bullish Bat visible on the 5-day and Weekly timeframes on the JXY as the RSI ticks out of the oversold zone for the 4th time at this level while making higher lows each time. It would seem as if the JXY is confirming to us that it has reached a Harmonic Bottom and is preparing to rise up to some of the longer-term moving averages, with the highest being at around $89-$95. During this time, we have seen the JXY continue to strengthen against other non-USD currencies, but now it's starting to look like not only will the JXY rise but that the Yen will gain dominance against the Yen, and when this happens, I also expect the JGB Yields to rise significantly. So beyond my forex positions, I will be adding YCS puts to my list of Bullish JPY positions. YCS is a 2x Return of USDJPY so if JPY starts to go up from here, this ETF could really crash down fast.
The JXY: Will It Continue to Rise?My first analysis about the JXY. It will be done periodically from now on to keep a fresh perspective over one of the most important currencies in the world.
The Japanese Currency Index (JXY) is a stock market index that measures the performance of the Japanese yen against a basket of six other major currencies: the US dollar, the euro, the British pound, the Swiss franc, the Canadian dollar, and the Australian dollar. The JXY is calculated by weighting the currencies in the basket according to their relative importance to the Japanese economy.
Technical Analysis
On the 30-minute chart, the JXY is currently trading around its 50-day moving average (MA) and its 200-day MA. This suggests that the index will most likely reverse the trend on this smaller timeframe soon. However, the JXY is also facing resistance at its 50-day MA. If the JXY cannot break through this resistance level, it could fall back to its 200-day MA.
On the 4-hour chart, the JXY is also trading around its 50-day MA and its 200-day MA. However, the JXY is also facing resistance at its 50-day MA. If the JXY cannot break through this resistance level, it could fall back to its 200-day MA.
Fundamental Analysis
The Japanese economy is the third-largest in the world, but it has been struggling in recent years due to a number of factors, including an aging population and a declining birth rate. The Japanese government has implemented a number of policies to stimulate the economy, but these have not been successful in boosting growth.
The Bank of Japan has also taken steps to support the economy by keeping interest rates low. However, this has led to a weakening of the Japanese yen. The JXY has fallen by over 20% against the US dollar in the past year.
I hope this post is helpful.
This analysis represents my thoughts at the date it is posted.
This analysis does not represent professional and/or financial advice.
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CADJPY 1829 pips long setup (Low Prob)Probability: ~19%
Reward (Target 1): 989 pips
Reward (Target 2): 1422 pips
Reward (Target3): 1829pips
Risk: 44 pips
Risk to Reward: 60 (34for target 1, & 48 for target 2)
Aggressive entry 94.111 // OANDA Feed
Conservative Entry 93.629 // OANDA Feed
Stop loss 93.193 // OANDA Feed
Take profit 1: 103.852
Take profit 2: 108.297 (Classic resistance)
Take profit 3: 111.186 (Ideal Take profit)
Precision of entry: High
Probability of an 800 pips long straddle from current price >50%
White scenario is more favourable than the red scenario