JXY trade ideas
JEN INDEX Monthly ChartHello Traders we are expecting JPY to fall next month and USD to climb this tells us USDJPY is a BUY. Please comment with your view
TREND SETUP AND support & resistance good chance for bullish by bull back we expect cross down trend and hit the resistance level as target as shown on the chart
Japanese Yen Index Key Trading PlanJapanese Yen Index is currently on sideways. The price is most likely to consolidate before making a new momentum trend. Whether its upward or downward trend, we have yet to see if the price breaks the key resistance level of 94 (upside movement) or breaks the support level at 92 (downside movement).
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SHORT Setup For Japanese Yen IndexKey Trading Plan:
i) SHORT to its support level of 92.5 and even lower to 91.2
ii) LONG if the price breaks the resistance level of 94.4 to the Take Profit Target level at 95.4
Japanese Yen Index Movement For This WeekKey Trading Plan:
1) LONG from the current price with the Take Profit Target at 94.2
2) SHORT if the price breaks the support level of 92.5 with the Take Profit Target of 91.5
Weekly Analysis JXYTrend: Down
Phase: corrective
Trade: SELL
NOTE:Truths
-Traders will do the same thing over and over again.
-In trading, no one to blame and no one to question what price did.
-Price can break any low/High because anything can happen.
If you fully allign your thinking in line with the truth about the market then you will win.
JXY (Yen Index) On the Yen Index we are seeing some play off the 50%. there are no Harmonic Patterns currently on the Index but off the Fibo. so for the monday trap move we can have a move up to the 50 and then reverse. The Commercials have increased their longs by 10,000 orders. Now, an interesting thing on the Non-Coms side of things is that the Shorts marginally increased thier side while the Longs probably took profit or recorded their loses. they decreased their position (13,096) which leaves room for downward momentum with ease. So again there is not much room for PA to touch the 50% retrace then I do see price moving down quite rapidly!
on to the Net Data
Commercials-
Current = (13,302) // previous (28,488)
Non-Coms-
Current- 17,462 // previous- 32,579
from the net positions it looks like the sides are stepping closer to the Zero Line
JXYThis chart forms part of a larger research note and should not be considered financial advice. Please do your own research.
Japanese Yen Currency Index | Monthly Chart sees break lower breaking the trend line support going back to May 2015. This chart signals weakness for the Japanese Yen.
JPY Analysisjust waiting till the price break the 90.6 level and then he will go down to around 89.2
OR wait till he goes up and then breaks the 92.6 level if he breaks that level he will go up to around 94.2
Between 90.6 & 92.6 Do Not Take Any Decisions Cuz It May Go Horizontal
be aware tomorrow there is the GDP growth rate so it will be great to open the chart at the release time and see what's going on
