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Yen Basket

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JPYBASKET trade ideas

#JPY upside potentialHi, dear traders and colleagues, Let's take a look at the JPY basket and analyze its potential implications in relation to other currencies. The Japanese Yen (JPY) has been weakening for a considerable period due to the policies implemented by the Bank of Japan (BOJ). However, given that we are now at the end of the hiking cycle in other central banks, it is reasonable to assume that the interest rate differential between JPY and other currencies will start to decrease. This shift could potentially lead to the JPY gaining strength. To support this hypothesis, we can examine the chart, where the price recently broke above a long-standing bearish channel with an impulsive move. This breakout suggests that there might be further bullish momentum in store. Another noteworthy factor that adds confidence to the authenticity of this upside breakout, unlike the previous false breakout marked within the box, is the current price action. During the previous false breakout, the price formed a V-top chart pattern, resulting in a bullish impulsive move followed by a bearish impulsive move. This indicated that the breakout was driven by news events and was not sustainable. However, in the current scenario, we see the price consolidating after the upside breakout and not immediately retracing back into the channel range. This gives us reason to believe that this breakout is more likely to be genuine and mature over time. Now, in terms of trading, an upside move in the JPY basket implies that currencies paired against the JPY are likely to face challenges and experience downside movements. This includes currency pairs like EURJPY, GBPJPY, CHFJPY, and so on. To identify potential entry points, we are currently monitoring two key areas. The first area of interest is marked by the arrow line, which points to yesterday's low. We are keen to observe how the price reacts around this level. The second area to watch is the 4-hour timeframe supply area, which coincides with the upper line of our bearish channel. This area could serve as a potential retest point for the price. Keep a close eye on these areas for potential trading opportunities, and remember to adapt your strategy as the market evolves. Happy trading!
JLong
by mohemati
1
JPY Basket (FXCM) - LONGWhile I am not a die-hard fan of FXCM's Yen Basket (much prefer NAFTA + Japan vs. "the World"), this index/basket is clearly working on an turn here. It is still relatively week but has likely put the worst behind it. Now, it is all about acceleration which, judging from past behavior, ought to gain significant momentum. Again, I'd suggest to use this "basket" as an indicator rather than trading it outright - which is also possible. (Work in progress on a properly weighted NAFTA + Japan Index.)
JLong
by Nemo_Confidat
JPYBasket 2 Day TF Based on my analysis, I anticipate that the JPYBasket will react in some way when it reaches the 7804-7828 zone. There could be a variety of reasons for this, such as technical levels, market sentiment, or fundamental factors. In any case, rather than acting impulsively, I have decided to exercise patience and observe the market until a clear opportunity presents itself. I am particularly interested in looking for buying opportunities because I believe that the confluence of multiple factors at that level makes it a potentially attractive entry point. However, I will not take any action until the market confirms my analysis and provides a suitable chance to enter a position. This may require waiting for a specific price level, waiting for a particular signal, or waiting for the market to stabilize. Ultimately, I am focused on making a well-informed and calculated decision that aligns with my trading strategy and risk management principles.
J
by ChartStrategist