JPY BASKET - I don't trade yen pairs without it...If its STRONG I'd be looking for short trades on yen pairs
Vice versa....
If it is WEAK I'd look for long trades on Yen pairs
JPYBASKET trade ideas
Analyse EUR/JPY HTFThis is my analyse for the week on the pairs Jpy/basket and EJ.
It is a HTF analyse for the Daily and 4H.
JPY I'm currently monitoring a potential pullback at the support level, anticipating the continuation of the bullish trend on the yen index. However, it's crucial to remain vigilant, as a break below the support level might indicate a potential weakening of the yen.
JPYBASKET Analysis [11/30/2023]So...
I see 2 directions, I’m more so leaning on the sell direction yet will allow price to show.
Around 8pm CST Asian Volume starts to push a direction so that’ll be our first indication leading into London (2 AM CST).
The pairs I will be playing off this analysis is AJ and GJ.
My current analysis for those Pairs is Bullish.
#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!
YenBasket change of StructureThere is a shift in Structure from 7050 level of the Yen Basket which is a good opportunity to those that trade EURJPY, AUDJPY, USDJPY, GBPJPY E.T.C. After the confirmation on H4 We can start looking for a base formation on H1 during New York Session or Asian Session.
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.)
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.
Long JPYPrice of JPY is severely undervalued and at a discount area. We saw an attempt to fly but it was rejected. To make the final push it must mitigate structure to pick up on buy orders and fly to the moon. To support our confluences we also see a head and shoulders pattern and a trend line driving the price to its mitigation and completion of structure.
JPYBASKET bullish continuation JPYBASKET appears to be in nees trend continuation which lead to big impulse coming soon .
Be safe
JPY BasketThese are levels that I'll be keeping an eye on when dealing with JPYBASKET, and I'll revise as price action progresses.
I adapt to the change in money flow.
JPYBASKETprice clearly make consolidation pattern at area of value and breakout done and pullback done so we can use short trading opportunity in yen basket
YEN pairs prepare for a longYEN INDEX, touch the support and prepare for long after CPI data, supported by yesterday BOJ announcements as the new governor of Kazuo Ueda.
The new governor declare a change in policy must be done and is know as not a supporter of ultralose policy.
After CPI data i am expected USDJPY to fall hard, targets 129/127/125 and even turn back is it hope as in next BOJ meeting in 3 march to be a change in tone and maybe in policy too.
JPYBASKET: expected short play Hello pals, JPYbasket is a JPY index just like DXY for USD, so u can use it for confirmation on your JPY and USD involved pairs.
Based on candlesticks and DTL, I think this index is going downhill to the previous low.
8050 needs to be broken first before it can be said with certainty that the index will be bearish, but if that happens be sure to look for any good level for buys on XXXJPY pairs!
Will update if something interesting happens ;)
What is an imbalance ?‼️ Imbalances are also known as inefficiencies or FVG (Fair Value Gaps) these are periods in price action whereby means of lopsided order flow, which create porous wakes or gaps in fills. The market will slip to the only available trade levels as a result of thin liquidity and these voids in liquidity will be revisited at a later stage. The market will seek to fill in any missing gaps or missed levels on a trade. Impulse price swings are typically seen with this voids in liquidity. In simple terms imbalances are gaps in the market and the market will always seek in to close or fill those gaps.
MMBM on the JPY Index Weekly ChartWe saw the market break to the upside and now we will be looking for long opportunities around the MMXM Model.
JPY BASKET SELLING OPPORTUNITYJPY BASKET For basket selling opportunity is high probability due to yearly analysis , sellers are more strong as we have seen 12M candle of 2022 we manage to create all time LOWS and that is where we are heading because sellers are maintaining their selling pressure / opening price are defended
#Head&Shoulder chart pattern in action
Head and shoulder definition: A simple head and shoulders top formation is characterized by a peak representing
the left shoulder, followed by a higher peak which is referred to as the head of the formation. A lower peak representing the right shoulder is found on the right‐hand side of the head. The head should be the highest peak in the formation. The neckline is a trendline that connects the troughs that lie on either side of the head. Necklines may be horizontal or inclined which in our case is inclined. In an inverted head and shoulders formation (also referred to as a head and shoulders bottom), the head is the lowest
trough within the formation.
Head and shoulder pattern completion: The head and shoulders formation is completed with a valid breakout of the neckline Until a valid penetration has occurred, the formation is regarded as merely tentative. But as you can see in our case the pattern is completed since we can see upside breakout of the chart pattern neckline.
Head and shoulder pattern target: The minimum one‐to‐one price objective or target for a head and shoulders top formation is simply the vertical distance between the head and the neckline projected downward from the neckline breakout level. For an inverted head and shoulders formation, the vertical distance is projected upward from the neckline breakout level. You can see this vertical line in the chart.
Head and shoulder pattern entry:
■■ Short at a break of the right shoulder’s uptrend line with a stop placed above the right shoulder or head (see Point 1 in Figure 13.9)
■■ Short at the peak of the right shoulder with a stop placed above the right shoulder or head, especially when there is a significant resistive confluence comprising of significant Fibonacci retracement levels, Floor Trader’s Pivot Point levels, and
psychologically important price levels associated with double and triple zeros
■■ Short at the right shoulder when it is testing the left shoulder’s resistance level, with a stop placed above the resistance level or head
■■ Short on a valid penetration of the neckline with a stop placed above the neckline, right shoulder, or head (see Point 2 in Figure 13.9)
■■ Short on a retest of the neckline after a valid penetration with a stop placed above the neckline, right shoulder, or head (see Point 3 in Figure 13.9)
■■ Short on the penetration of the price associated with the trough created by the retest action, with a stop placed above the trough, neckline, right shoulder, or head (see Point 4 in Figure 13.9)
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Source: the handbook of technical analysis by Mark Andrew Lim
#JPYbasket bullish move confirmationsyesterday red candle was not only a retest to a broken bearish channel upper line, but also head and shoulder neckline. in addition to these two confluence we should be aware that JPY index suffers a lot through past month during rate hike cycle of central banks and fall massively like never before.
But now that we have some confluences that we are close to end of rate hike cycle JPY has found some room to appreciate against other currencies and as a result in technical aspect we can see it had formed and broke bullish chart pattern and its no longer trading in bearish channel.
with the look at the text book chart pattern target we can see that price can come all the way up to the oldest bearish channel midline and from there we should be looking for other confirmation and change in macro-economy.
JPY CURRENCYPrice is currently forming a bullish flag & expecting the last wave of correction. Then it will perform its new leg up ! Get prepared to short XXXJPY pair !
JPY INDEX LONG IDEAPrice is currently at a discount and approaching a 1H bullish orderblock. I would like to see those Equal Lows taken and for the Bullish orderblock to be traded into, before an expansion to the upside. The Low resistance liquidity would be my first initial target.
Once price has filled my order, I would shout pairs XXX/JPY pairs after some displacement.
