Yen
USD/JPY swing low in place?Hawkish Fed members have helped to push US yields and the dollar higher. We saw some volatility across yen pairs on Friday after the favoured candidate to success Kuroda (and a dove) pulled out of the nomination, and Japan’s PM backed a more hawk candidate. If a hawk takes the helm, the yen will likely strengthen on hopes that the BOJ will abandon YCC. But until that happens, the BOJ remain dovish – and USD/JPY continues to appear oversold to my eyes.
A bullish pinbar formed on Friday after a failed attempt to break below the 130.67 high, and we’re now looking for bullish momentum to return and taker the yen towards the 200-day EMA around 133.75.
EURJPYEURJPY 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.
Joe Gun2Head Trade - USDJPY break out yesterday?Trade Idea : Buying USDJPY
Reasoning: Closing break above 134.65 on daily
Entry Level: 134.70
Take Profit Level: 136.72
Stop Loss: 133.91
Risk/Reward: 2.48:1
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GBPJPY sellAfter our Trade from yesterday, we have a new setup for today. Asia closed good. The price will spicke into our OB or even session high and then probably drop.
If you want you can wait for a confirmation on a lower time frame, where you search for a ChoCH and an OB.
$JPYBASKET is also about to hit our OB so that a reversal has a good change to happen.
But I will enter directly when it hits our OB.
Entry:162.050
SL: 162.200
TP1: 161.472
TP2: 160.500
TP3: 160.150
Would not recommend to risk more than 1%.
Please like and comment what you think!
USDJPY: Key Levels to Watch This Week 🇺🇸🇯🇵
Here is my fresh structure analysis for USDJPY.
Resistance 1: 134.48 - 135.475 area
Resistance 2: 137.6 - 138.6 area
Support 1: 132.6 - 132.9 area
Support 2: 129.7 - 131.05 area
Support 3: 127.2 - 128.2 area
Consider these structures for pullback, breakout trading.
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USDJPY - Newborn Trendline?Hey hey!
I hope everybody is doing great! Let's walk together trought some potential setups for next week on our favorite pairs, here is USDJPY to start up with.
USDJPY has been on the upside since the dollar has gained some steam lately fueled by US news supporting dollar's strenght. JPY has been especially affected, the reason being that, while the BOJ is still maintaining it's ineterest rates close to zero, the Fed is debating on keeping it's high rates longer than expected looking to keep fighting against inflation.
All for this is making a favorable ground for an ongoing advance of the dollar against the yen for the next weeks/months, until we can see some sort of rebalancing between the rates of the Fed and the BOJ and it's hard to see this hapening before the FED pivot expected later this year.
Let's see now what we have from a TA point of view. After the solid double bottom we've had in the second half of january, we're going up, breaking a level after another. Last week we managed to go from 131.00 all the way to 135.00 without encounering any real resistance. But 135.00 is a strong psychological level, and the price has reacted strongly to it, preparing what could be a retracement, for the begining of next week.
There's a top at 132.50 that looks like it could be retested, it is also the 50% Fib retracement of the previous push up, and, if timed properly, price could come and touch our "wanna be" trendline in green, confirming it.
The situation :
1) Macro economics favor a strong dollar
2) Downtrend in USDJPY has been broken from a technical point of view
3) Price is reacting at the 135.00 level, like it did 4 times in the past already
4) We are identifing an Area of Interest, an area where the price could react to
5) This area has 4 elements in favor of a rebound of the price:
- 132.50 psychological level
- 50% Fib retracement from last push up
- Previous High, that could become support
- It could be the 3rd touch of a newborn trendline
Knowing all this, I'm gonna put on my hunting hat, get my rifle all cleaned up, and wait for my bird to land...
Hopefully it will, if not, another will, in both cases I'll be ready
Cheers everyone and safe trading!!!
EURJPY: Breakout & Bullish Outlook Explained 🇪🇺🇯🇵
So, this week, EURJPY broke a key daily structure resistance and closed above that.
We saw a positive bullish reaction from that on Friday.
Probabilities will be high that the market will keep growing next week.
Goals: 145.0 / 146.37
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CADJPY: Bullish Outlook Explained 🇨🇦🇯🇵
CADJPY broke and closed above a wide horizontal supply zone on a daily.
The broken structure turned into a demand zone now.
Probabilities will be high that the price will bounce from that.
Next resistance - 100.95
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UJI am anticipating this.
We come from a bullish trend, we now have a bearish small channel forming (Reversal). This indicates that we are in a bull channel and that after accumulation (Demand) has been placed, Volatility (Supply) will be fulfilled impulsively. That's where we either wait for the break and retest or enter early and hold (Higher risk but higher reward).
GJ SELL IDEAAfter we broke structure (BOS), we have a potential to drive lower.
We created an OB (blue/grey zone) in Asia, which has to get filled.
Waiting for the price to come up to 161.700-161.855
TP 1 Asia Range (161.000)
TP 2 Asia Range (160.160)
What do you guys think about this idea?
Please like and comment what you think!