JXY trade ideas
JXY monthly chartSince long term support was broken, JPY will be weak. But there might be a pullback to the former support line.
jxyJAPANESE YEN CURRENCY INDEX
there is still space for downside
possible reversals and some yen strenght from 91-90 area
Uptrend The yen is experiencing pressure as the dollar gains momentum and the market starts to recover from covid-19. This could be the starting point of a bigger bearish momentum however it is still in the range of a good buying level until it breaks the larger overall uptrend then a downtrend would seem prominent.
Bullish continuation The yen is respecting the uptrend it has been in after bouncing off a support level
However, as the market calms down more from all of the viruses fears the yen might look more unfavorable but for now I suggest riding the trend
JXY Testing HighsJXY is at the 96.1 level having pulled from 95.5, there is a possible rise to 96.4 and that may possibly create lower lows for UJ.
At this profile page, the shared analysis, ideas and also, the strategy of a chart belong to Khiwe. The technical set-ups are speculative, they are not guaranteed for accuracy or in completeness in the form of any content; -it is not to advice on financial markets. Please apply your own analysis and confirm it with price action.
Trade idea JXYIf Wave 5 of Wave correction C (orange) complete...Indicate that JPY currency will weak for a few moments...
JXY 31 October 202031 October 2020
Sell JPY
Japanese Yen is showing sign of going down for the next couple days.
Stochastic is in oversold area. If price broke the ascending triangle support, decline can go further down.
JXYThe yen index is currently strong coming from a previously broken resistance turned support level. Follow me on trading view as you view my posts. Thanks.
Yen Pairs - Thrust Higher or Rising Wedge Pattern forming for either a thrust higher or a breakdown that would support Yen pairs and equities. However if continued thrust higher then it makes sense that equities remain pressured along with Yen pairs. USDJPY, AUDJPY will be ideal for long on Yen weakness. AUDJPY, EURJPY, GBPJPY, CADJPY, NZDJPY would be ideal to short for Yen strength.
