XAUJPY trade ideas
XAU JPY: Currently under selling pressure, various T-Frames
XAU JPY currently is under selling pressure due to a Double-top on the daily/weekly time-frames. But there is also a current Head 'n' Shoulders Sell pattern on intraday time-frames, 2HR mostly. Also, on the 2HR EMA's squeezing tightly together, serving to send price lower if anything, plus a massive rising wedge on 2HR which XAU JPY looks to be about to fall out of.
Momentum Oscillators in the right-side chart point to downwards price-action.
There is also XAU USD which continues to wind back in price after testing the 20/21EMA multiple times on the Daily, but it continues to slip downwards.
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GOLD/JPY: Bearish Bump and Run Reversal TopXAUJPY after sharply rising from the long term Lead-In trend line and Horizontal Support Level, is now currently testing the supply line of a local Right-Angled and Ascending Broadening Formation it has developed at the highs and seems to have completed an RSI BAMM and is now looking to do an impulsive move down. If the impulsive move down is great enough, we will see XAUJPY break down below the Lead-In Trend Line and confirm it as a Bump-and-Run Reversal Top, which could take us to the measured move that happens to just about align with the 61.8% Retrace overall.
The JPY overall has been setting up and getting quite Bullish against other currencies recently too, such as the AUD, GBP, CAD, and EUR. I suspect this trend of the Yen gaining value against assets will continue in Gold as the USD continues to rise and the JPY maintains its USD value relative to other currencies and assets.
Gold set to advance against the Japanese YenThe massive ascending triangle completed in Mar 2023 has met its 1X target at 275,000 Yen per Oz. It is quite common for such a large pattern to eventually fulfill a 2X target. The daily chart is coiling into a pennant that should be resolved by an upside breakout. Tactically my trade is to buy Gold futures and sell Yen futures with an approximately equal USD value.
Get ready to be long Gold and short JPYThe chart of Gold expressed in Japanese Yen has remained in a very tight weekly closing price range of 7% for almost a year. The boundaries are clear as an ascending triangle. This is a trade I will lean into hard by buying Gold and either selling Yen futures or buying USDJPY spot in approximately equal USD values. JCB will continue to inject money into the system. The Yen is likely to becoming the garbage can currency of the world. By buying Gold and selling Yen I become USD neutral in the trade.
Gold vrs Yen - Hits the 161 As I've said multiple times in different forecasts, the leading tell of an uptrend ending is when the market can not break the 161s of the last pullback. This has now happened in gold/yen.
Mostly marking this out of interest. I don't think I have liquidity for this on my primary brokers. I'll maybe scout about for some. But this is related to my long Yen forecast and also my short gold one.
Yen looks set to turn again gold if it can hold the 161. +1 for the Yen long in the Forex markets in my opinion.
XAUJPY sellBecause the third sub-wave of the third wave is prolonged, the fifth sub-wave is no longer prolonged, the third wave has ended, and the callback of the fourth wave starts. Because the second wave is flat, the fourth wave is zigzag or flat. According to whether the first sub-wave of the fourth wave is 5 or 3, the final target position is determined.