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JPYBASKET trade ideas

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FX:JPYBASKETLong
by RealMacro
7
JPYBASKET Potential Move – Technical OutlookJPYBASKET has just broken out of its bearish channel, signaling a potential shift to bullish momentum after being under pressure since March. Currently, price action suggests a move to close the gap and target the 6.844 resistance level, with a possible extension toward 6.942. However, before confirming a strong bullish continuation, a deep retracement could occur. This aligns with the Fibonacci retracement levels and key support zones (as marked on the chart), making them crucial areas to watch. 📌 Key Levels to Watch: Support Levels: Fibonacci retracement areas (see marked levels) Resistance Targets: 6.844 → 6.942 ⚠️ Disclaimer: These are my personal views, not financial advice (NFA). Always trade with proper risk management.
FX:JPYBASKET
by HU5TL3R
JPY Basket: Trend Reversal in Play – Bullish Breakout ExpectedThe JPY Basket is showing signs of a potential bullish reversal after reaching a key support zone at 6,183. Last week’s hammer candlestick signals strong buying pressure, reinforcing the likelihood of a trend shift. Technical Analysis Key Support & Market Structure Shift: Price previously tested the 6,183 support level, where buyers stepped in. A Change of Character (CHoCH) occurred around 7,330, indicating a shift in momentum. The market formed a lower high near the 6,183 level, suggesting that sellers are losing control. Trendline Breakout Expectation: Price is currently trading below a bearish trendline. A breakout above this trendline would confirm a bullish continuation. If price holds above 7,330, further upside momentum is expected. Confirmation & Target: Last week's hammer candlestick provides additional confirmation for a bullish bias. Targeting 8,456, aligning with previous structural highs and liquidity zones. Trade Plan Entry: On a confirmed breakout of the bearish trendline. Stop Loss: Below recent swing low for risk management. Target: 8,456 (next key resistance). JPY Bias: Strong buy signal; expect JPY strength across pairs where it is the quote currency. Conclusion The JPY Basket is positioned for a bullish breakout, supported by a key support bounce, CHoCH, and trendline dynamics. With last week's hammer candlestick as added confirmation, we anticipate JPY strength moving forward. 🚀 JPY BUY BIAS: Expect Weakness in JPY-quoted Pairs! 🚀
FX:JPYBASKETLong
by kjvmusic3
JPY Basket 4hr TFThe JPY Basket has made a 3.3% move without any significant pullback, which suggests a strong momentum, but this move lacks the typical retracement I’d expect to see for a more balanced market. It has reacted off a key level that I’ve identified as an area of interest. However, to gain a higher level of confidence in the direction, I’m waiting for a "double tap" — a second test of this area — which would signal that the market is likely to move lower. The confluences supporting this bearish view are strong. First, the trend line is indicating a potential reversal point, aligning with a daily rejection zone, where price has shown resistance previously. Additionally, we have the -0.618 Fibonacci extension level on the daily chart, which often acts as a target for price retracements or continuations. Given these factors, I’m expecting the market to pull back to at least the 6664 level before potentially moving lower.
FX:JPYBASKETShort
by ChartStrategist
3
The Yen has reasons for strengthen! Hello everyone! 🇯🇵Yen is Ready for a Breakout!💴 The Japanese Yen GPI Basket Index is testing a key resistance level at 6,750-6,840. Over the past three weeks, the index has been steadily approaching this level without sharp movements. Fundamental factors suggest a potential breakout, but a short-term consolidation may occur first. If the resistance is broken, the index could accelerate toward the next major level at 7,150-7,250, which aligns with the midpoint of the anticipated parallel channel. Currently, lower timeframes indicate overbought conditions, suggesting the need for liquidity accumulation. In case of a breakout, short positions on GBPJPY and EURJPY appear the most promising, as these pairs have strong movement potential. 🤑 #Forex #Trading #JPY #ForexAnalysis #Yen #FX #MarketUpdate #TechnicalAnalysis #GBPJPY #EURJPY #ForexSignals
FX:JPYBASKETLong
by AUREA_RATIO