Japanese yen index, supply zone revisit?Reversal pattern forming, shooting star, bearish candle, price revisited earlier
Potential downside and JPY devaluation to demand zone
XDN trade ideas
Bearish AB=CD spotted on JXYthe index is on long-term uptrend but a bearish correction is expected for couple of weeks with abcd pattern , overbought on stochastic , and reaching 1.27 on fibo levels , the bearish move wil continue till the 0.681 fibo of the uptrend ( japenese yen pairs are mostly for sell in these couple of weeks especially against usd )
JPY indexFollow the currency index is very important for our decision
Ichimoku show the chance to going up
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- Ichimoku Kinko Hyo -
$JXYThe Japanese Yen Index broke out of a bearish pennant pattern, - to the upside.
The 61.8% does look like a sell area, only IF $JPX act accordingly.
My max lock profit target for this move is at the 50% fib retracement.
One pip lower than the support of the actual Triangle puts me at a complete bearish sentiment. I’d be concervative enough to stay out of a bullish sentiment even if its falls below the dip of wave 5 within the pattern.
Stay alert!
Bullish YenThe Yen closed the week with a price higher than the previous structure close, to the left. The bullish wave is staying on top of the BB 20 indicating a short-medium term bullish run, possibly to reach the highest previous high. I expect a short period short, but then I definitely see strength picking back up to finish this job. Cheers to the Bulls!
JPY index: where are we now within the wave analysis context?Price on a weekly chart is right in the middle of a potentially complex corrective structure.
I tried to outline two alternative scenarios, but with similar result: price must test the last low of the structure before we get a strong upside movement.
Bear this in mind when taking short-mid-term trades with every instrument with JPY
Good luck!
Yen group - Long-term wave analysis - 01Yen group - Long-term wave analysis.
JXY - Japanese Yen Currency Index weekly chart
JXY BULLISH RELATED TO CRYPTO GOLD STOCKS AND ECONOMIC OUTLOOK
The Japanese Yen is looking to break out of my wedge. People are looking to hedge their money in the yen, meaning bullish gold and bitcoin. We shall also be seeing a recession soon in the US.
JXY Downtrend"The U.S. stands out for its positive returns. Ten-year Treasury rates were at 2.16% on May 31, vs. -0.09% for Japan and -0.20% for German equivalents. The dollar has been taking away the mantle of safe haven thanks to interest-rate differentials.
The flows into yen as a safe haven remains, but for us to see it go down to, say, 105, you’ll need to see a major geopolitical shock happen."
Quoted from Jane Foley, head of currency strategy at Rabobank International in London.
Seasonal Pattern in Play : Long Safe Haven On a monthly timeframe, Yen is bid from Jun to August which means third quarter prepositioning could take place from June. From a fundamental perspective, US 10 Y yields are plunging and US-China trade war is causing a ruckus in the global market pushing equities down. Hence, during uncertain circumstances, NIRP (Negative Interest Rate Policies) currencies are bid. i.e. CHF and JPY which is also considered as a Safe Haven. Apart from this, even the Euro has slight positive / optimism for this month.
Hence, I reckon, until the trade war concern is solved or unless we get a proper outlook or conclusion, we could see the bid in yen flowing in along with Gold appreciating. From a technical perspective, JXY is in a symmetrical triangle and when we consider the seasonal pattern in play, it gives a confluence and bit backing to convince us that the triangle will be broken out to the upside and we could see 105 in the coming months.. which is possible if trade war prolongs.
Apart from this, if we see too much accumulation of wealth in Yen assets, we could also see BOJ could reverse its NIRP fundamental agenda and hypothetically, if we experience this when the yen is strongest among all, then the whole game changes.
Too much volatility ahead. Only those who know to tame this bitch well will be rewarded and pigs will get slaughtered.
