GJLots and lots of entries. I had even forgotten that it hit TP. So now we ride until but we move SL into further TP
Yen
USD/JPY REMAINS HEAVILY BEARISH,LOWEST LEVEL SINCE FEBRUARY 10For the third consecutive day, USD/JPY is experiencing heavy selling pressure, pushing the pair lower. The anticipation of a hawkish shift by the Bank of Japan (BoJ) is increasing demand for the Japanese Yen, thus contributing to the downward trend. However, some follow-through USD buying may offer some support to the pair, helping to limit further losses.
During the first half of the European session on Friday, the USD/JPY pair extended its rejection slide from the 133.00 level earlier this week, and the spot prices dropped to their lowest point since February 10th. The bears are now looking to push the pair further below the psychological level of 130.00.
Japan's consumer prices rose at their fastest pace since 1982 in February, and the Japanese Yen strengthened across the board in response to the domestic data. Specifically, Japan's core-core CPI, which excludes energy and food prices but includes alcoholic beverages, accelerated to 3.5% YoY, marking the fastest increase in 41 years. This has increased the likelihood of the Bank of Japan adjusting its bond yield control policy in the near future, which would benefit the domestic currency and continue to push the USD/JPY pair lower.
Bearish traders have also taken cues from a further decline in US Treasury bond yields. This decrease in yields is led by the Federal Reserve signaling that it may soon pause its rate-hiking cycle due to the recent banking sector turmoil. As a result, the yield on the benchmark 10-year US government bond and the rate-sensitive two-year Treasury note are hovering near a six-month low reached earlier this week. This further narrows the US-Japan rate differential, which is another factor driving flows towards the JPY and contributing to the heavily offered tone surrounding the USD/JPY pair.
USDJPY Outlook 24th March 2023The USDJPY continues to trade lower, as the price maintains within the bearish channel.
Following the weakness of the DXY from the FOMC decision, the USDJPY reversed strongly from the 133 price level to trade down to the current price level and key support level of 130.
If the DXY continues to weaken, look for the USDJPY to break below the immediate support level of 130 to trade down to the next support level of 128, which aligns with the lower bound of the bearish channel.
However, as prices reach toward levels last tested in February, anticipate significant choppy price action
CHFJPY SELL SETUPHet Traders,
Check this analysis out, there are two ways CHFJPY could plays it's sell off out.
Currently the par is making an inverse head and shoulder pattern which could ultimately result to the pair pushing back to retest the upper boundary of the current channel. Where a sell order will be awaiting it.
Or the price can make a quick trip to retest the supply level and then follow by a sharp rebound to the downside.
Still worthy of watching out.
USDJPY Fundamental Analysis | 03/23/23On Thursday, the Japanese stock market experienced a decline as the Nikkei 225 Index fell by 0.17% to close at 27,420 points, and the broader Topix Index dropped by 0.29% to 1,957 points. This reversal was due to Wall Street's negative trend, following the Federal Reserve's decision to raise interest rates by 25 basis points. The Fed Chair Jerome Powell indicated that there will not be any rate cuts this year, and if needed, rates may rise higher than expected. This decision affected financial stocks as Treasury Secretary Janet Yellen informed lawmakers that the US government was not planning to provide a "blanket insurance" for bank deposits. Moreover, Japanese manufacturers remained pessimistic for the third consecutive month in March due to concerns about slowing global growth, which could affect the country's export-heavy industries. As a result, financial, healthcare, and technology stocks experienced losses, with Mitsubishi UFJ (-1.4%), Takeda Pharmaceutical (-2.6%), and Keyence (-1.6%) being among the hardest hit. The Japanese yen strengthened to 131 per dollar, the highest in 5 weeks following the US Federal Reserve's rate hike decision. During the press conference, Fed Chair Powell explained that the pause in hiking rates was to address the banking crises. On the domestic front, the Bank of Japan's minutes from its January meeting indicated that members reiterated the need to maintain ultra-easy policies to achieve the 2% inflation target in a sustainable and stable manner. In this regard, the BOJ left its policy of ultra-low interest rates unchanged this month at Governor Haruhiko Kuroda's final policy meeting before his retirement. Looking ahead, Trading Economics global macro models and analysts expect the Japanese Stock Market Index to trade at 27,279.95 points by the end of this quarter and 24,842.68 in 12 months time. Additionally, the Japanese Yen is expected to trade at 137.83 by the end of this quarter and 146.74 in 12 months time.
The story of a hawk and a dove in GBPJPYHey everyone. Welcome back to another forecast, this time on GBPJPY.
This will be for the future outlook of GJ and where it can possibly head to.
BOE hiked rates by 50 bps in its previous monetary meeting and market has priced in a 25bps rate hike in today's monetary policy meeting of March.
However, the story of the hawk does not end here as its latest CPI y/y printed whopping 10.4% compared to a 9.9% forecasted. This really shows the stubbornness of the inflation that the POUND is facing. This makes their upcoming meeting a complicated one and the market could potentially price in a 50bps hike instead. This paves the way for more rate hikes if inflation were to remain sticky and stubborn. A hawk remains a hawk to come for the coming months.
On the other side of the universe, BOJ has remained through to their stance and stuck by with a -0.1% short term interest rates and for 10 year bond yields at 0% during its month of March. It remains steadfast in its approach and the interest rate differential between POUND and YEN cannot be missed. JPY's inflation has however been rising at a steady rate, with the latest printing at 4.3%, yet it's widely expected that the BOJ remains dovish , especially after the multiple opportunities to hike rates but deciding against them.
In my opinion, the story of the hawk and the dove continues to be the case for the upcoming weeks in GBPJPY and that is one of the reasons I believe that GJ is a bull story. On a technical front, I believe price can continue up to create a newer high and flirt the highs at 165. The BOE's monetary policy will be key to seeing if the hawk shall continue flying well above the dove.
Long story short, GBPJPY bulls . Let's see.
JPYX BullishAfter a long period of falling yen value from 2022, Japan could solve economics problems
Reject from support area and a pullback to EMA20 and reject from it
Ready for fly to resistance area
Strong bullish momentum in JPYX
GBPJPY Potential Forecast | 23rd March 2023Fundamental Backdrop
1. GBP inflation came out strong and paves way for more hawkishness from the BOE and rate hikes.
2. JPY continues to be the dove.
Technical Confluences
1. Price is currently on a higher timeframe bullish trend
2. Price could tap on the H4 resistance above (red zone)
3. Price have cleared the previous daily low
Idea
Looking for the price to head towards the H4 resistance at 166.04.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
GJYou should have been stopped out in profits but now we wait for the retest before we enter once again.
GJMove SL into profits, remember you're a money manager not a gambler. I've added another in accordance to my plan. PLAN THE TRADE AND TRADE THE PLAN.
GJThe impulse was great but the current volatility is not enough, so the pullback will hurt and will punish ignorance. So either move SL up or SL into profits.
GJThis is what I see, should the inverse H&S play out and happen. A strong break of the neckline and retest should direct us straight into this trade.
AUDJPY - a key barometer of risk - is holding above key supportDespite the turbulence across global assets these past two weeks, AUD/JPY is opting to hold above key support and resistance levels including the 2022 low and 2021 high.
Investors remain on edge as they cannot be sure that the worst is behind us, and there is a risk that another bank will 'break' under the pressure of higher rates, bad management and / or face another bank run. But what if none of this materialises? Or the Fed is not as dovish as market pricing currently implies. Perhaps the real risk is that it's not that risky, and that could leave room for an upside surprise.
Even if AUD/JPY does break below 87.00, we'd prefer to see a break beneath the 2021 high of 86.26 before calling a major top on the weekly charts.
The fly in the ointment is the FOMC meeting, because if they're not as dovish as hoped it could pressure risk assets such as indices and AUD/JPY. Yet a dovish meeting could support sentiment and send it higher.
Either way, it is worth watching AUD/JPY around current levels as it could help signal the next likely directional move for risk assets in general.
AUDJPY: Reversal pattern on 4-hour chartOn the daily chart, the AUD/JPY pair is in a strong support area, where the yearly trendline intersects with the monthly uptrend line and a monthly zone, in addition to a bearish weekly trendline, Fibonacci 61.8%, and the 100-week moving average.
This indicates a high likelihood of strong price support at the level of 87.6. However, on the 4-hour timeframe, there are three consecutive bottoms and divergence on momentum indicators, which is a strong reversal pattern. The price needs to break through three obstacles, including a local downtrend line, a resistance level of 89.5, and the 50-period moving average on the 4-hour timeframe, before it can rise. Once these obstacles are overcome and the price stabilizes above 89.55, there will be a strong and rapid selling signal towards 91.5 as the first target and 92.8 as the second target.
-------------------------------------------------------------------------
Let me know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!
USDJPY Outlook 20th March 2023Similar to the price action on Gold, as uncertainty in the market grows and confidence over the banking structure weakens, investors are seen shifting towards reserve commodity and currencies.
This is why the Yen has strengthened, together with the weakening of the DXY, leading to the USDJPY being pressured to trade steadily lower.
The USDJPY currently trading at the 132 price level could see further downside
- if the price maintains below the bearish trendline, and
- if the price breaks below the 131.50 support level.
Downside potential could see the USDJPY reach the 129.80 support level which was last tested in February.
Alternatively, if the USDJPY bounces strongly from the 131.50 support level, the immediate resistance level is at 133.75 which coincides with the 61.8% Fibonacci retracement level (with an interim resistance level at 132.60)
EURJPY Sell Idea Short TermWe Will Find Entry on Monday if Price Failed to Create a Short Term High.
Look for BOS on M5 and then Enter.
USD JPY BUY (US DOLLAR - JAPANESE YEN)Hi there.
Price is forming a continuation pattern to the upside.
Watch strong price action at the current levels for buy.
GBPJPYGBPJPY has been examined in different dimensions:
1- Strong supply and demand levels that I identify with my own indicator and system.
2- The structure of recently formed waves
3- Current market momentum
4- The structure of classical and price patterns
In this idea, I identified the direction of the market in different ways and in the second step, I analyzed the potential of continuation or reversal. Usually, paying attention to the trend and strength of the trend can greatly increase the accuracy of the analysis.
In general, I tried to describe the continuation of the movement in the simplest possible way in the diagram.
⚠️ Disclaimer:
This is a personal opinion and you are responsible for any trading decisions.
Possibly USDJPY Short position outlook for next week Previous week we had completely weak US data but on Friday data was mixed and market was plunged to the low levels but major currency pairs made retracements except Gold and JPY pairs also. Jpy policy has not been changed and interest rates are same as per data but Bonds buying will push JPY Pairs monday morning. Inshallah
CADJPYGood Night :)
GBPAUD has been examined in different dimensions:
1- Strong supply and demand levels that I identify with my own indicator and system.
2- The structure of recently formed waves
3- Current market momentum
4- The structure of classical and price patterns
In this idea, I identified the direction of the market in different ways and in the second step, I analyzed the potential of continuation or reversal. Usually, paying attention to the trend and strength of the trend can greatly increase the accuracy of the analysis.
In general, I tried to describe the continuation of the movement in the simplest possible way in the diagram.
⚠️ Disclaimer:
This is a personal opinion and you are responsible for any trading decisions.
Trend continuation to 140Price is likely to continue moving in channel, as it reversed at 130 with gap breakout from downtrend. Next target is 140.
Here we are using dynamic moving average support called VIDYA (Variable Dynamic Index) by Chande Tushar of 7 periods from daily, weekly and monthly, of the opens.
Weekly candle closed above 135, another indication it will continue higher in the trend.
Most of retailers on myxbook outlook for Yen are posititoned short, we use contrarian approach.
FOR EDUCATIONAL PURPOSES ONLY.
USDJPY Setting Up To Test 130In this update we review the recent price action in the USDJPY and identify the next high probability trading opportunity and price objectives to target
EURJPY Short IdeaConfluence:
Buy Side Liquidity Taken on H4
Wait for BOS on H1 after Rejection from Sell Zone
Bearish Order Block on H4. Rejection in this Zone will Confirm Ending Correction. OANDA:EURJPY
Risk Disclosure:
This is Just Analysis Point of View. Check with your Trading Technique to Minimize Risk.
