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JPYBASKET trade ideas

JPY's Momentum Looks to Be BuildingThe charts show's FXCM's JPY index - the JPYBASKET. The left chart shows the daily time frame, which shows that the index is above its black 20-day SMA and that the SMA is angling up (aqua ellipse). The RSI is also above 50, which indicates bullishness (blue rectangle). The right chart show's the hourly time frame. The short time frame's RSI is bullishly above 50 (green rectangle). The hourly EMAs are looking to angle and separate. If this happens, the underlying upwards momentum will be building.
FX:JPYBASKETLong
by FXCM
JPYBASKET Tests Daily Moving Average SupportThe left chart shows FXCM's JPY index, the JPYBASKET. It is trading at the black 20-day SMA, which is acting as support(green ellipse). The SMA is still pointing up and the RSI is above 50 (blue rectangle). As long as these dynamics hold, bullish momentum maintains. However, if price drops below the SMA and the RSI dips below 50, the momentum will turn bearish. The right chart shows the hourly time frame. The index has pulled back to the 76.4% Fibonacci retracement level. For the daily momentum to stay positive (left chart), we would need to see the index bounce from these levels and the hourly RSI move above 50 (green square).
FX:JPYBASKET
by FXCM
JPYBASKET Pushes Above 20-Day SMAThe left chart shows FXCM's JPY index, JPYBASKET. It has pushed above its 20-day SMA and the SMA has started to turn up. Moreover, the RSI is on the bullish side of 50 (blue rectangle).The right chart shows the hourly time frame. Here, we can see that the EMAs are in bullish mode and the RSI, whilst testing the 50 level, has started to push up again. If the hourly holds these dynamics, we should see the JPYBASKET moving steadily upwards, pulling the SMA with it.
FX:JPYBASKETLong
by FXCM
JPYBASKET Challenging Moving Average Resistance The left chart shows FXCM's JPY index, the JPYBASKET, challenging its black 20-day SMA. The SMA is also hinting that it might turn up. At the same time the daily RSI is looking to move above 50 (blue rectangle), which is indicative that an underlying bullish momentum might be building. The right chart shows the hourly time frame. We note that the hourly RSI is positive (green rectangle). If the hourly EMAs show further angle and separation, moving upwards, we may see a shift in the daily momentum towards the bullish side. We continue to watch.
FX:JPYBASKET
by FXCM
JPYBasket EMAs Looking to Cross Bullishly on H1The left chart shows the JPYBasket daily time frame. The index is above its black 20-day EMA and the EMA is pointing up. Thus the daily is regarded as trending up. Moreover, the daily RSI is on the bullish side of 50 and has normalized from recent overbought level. The right chart shows the hourly time frame. The lime 5-hour EMA is looking to cross above the orange 10-hour EMA (green ellipse). If this occurs and the RSI moves above 50 (blue rectangle) it will be regarded as bullish developments that are in line with the daily trend. If the hourly EMAs develop angle and separation after they cross it will likely be due to an increase in the underlying bullish momentum
FX:JPYBASKETLong
by FXCM
JPYBASKET's RSI Charts Potential Failure Swing TopFurther to our previous article , the JPYBASKET broke out of its flag formation and headed towards the pattern's target. This, as risk-off sentiment dominates markets and safe havens, like the JPY, benefit. However, it is worth noting that the RSI has pushed down from the 80 level (blue rectangle) in a pattern referred to as a RSI failure swing top. The failure swing is usually an indication that price may be correcting i.e. pulling back from its recent impulse move up. Thus, the flag's target may not be met (at least in the near term). However, any decline here may prove to be a low risk entry opportunity, especially if the risk-off sentiment that is permeating through the risk market continues to persist.
FX:JPYBASKETLong
by FXCM
JPY Basket Charting Bullsih FlagFurther to yesterday's article , the USDJPY upswing is still to catch. In this regard, we note that the RSI is above 50 (blue square), which suggests and underlying bullish momentum on the H1 time frame. Moreover, the index looks to have charted a falling flag which is a bullish continuation pattern. i.e. if it completes the next leg should be up. The target for the flag is 10,406. We are now looking to see if the green 5-hour EMA crosses above the orange 10-hour EMA, which may signal the breakout required. If capital flows into the JPY it is likely due to an increase in the risk-off sentiment. Here, the formal statement from the G7 teleconference being held today will be key.
FX:JPYBASKETLong
by FXCM
JPYBasket Bounces Off Central Pivot on H1The JPYBasket retraced to the 38.2% Fibonacci level of its previous impulse move up. This level overlaps with the central pivot and together these levels have supported the index. Moreover, its green 5-hour EMA has moved above its orange 10-hour EMA (green ellipse) and the RSI has pushed above 50 (blue rectangle). Capital seems to be flowing back into the JPY, which is regarded as a safe-haven. Thus, risk-off and fear may still be dominating market participates. If the EMAs develop angle and separation, the JPYBasket's next impulse up may very well be under way.
FX:JPYBASKETLong
by FXCM
JPYBasket Moving Downwards; Risk Sentiment Tending Towards OnThe JPY is regarded as a safe haven and tends to be sold down when there is less uncertainty in the market. This being the case it is interesting to note that FXCM's JPY index - the JPYBasket - is showing signs of weakness i.e. its green 5-day EMA has crossed below its orange 10-day EMA. Moreover, the latest candlestick shows a long range red candlestick suggesting supply. If the EMAs show further angle and separation and the RSI dips below 50, it will be regarded as further weakness. This type of movement would seem to indicate that the market is overcoming the Apple announcement regarding missing its Q1 revenue numbers as per guidance, and that the market sees the coronavirus as plateauing. If these trajectories hold, then market sentiment will be regarded as tending towards risk-on, which typically sees a rotation of capital from havens into risk assets.
FX:JPYBASKETShort
by Russell_Shor