USD/JPY Short Setup - BoJ May Step In To Support Yen Again
Mis à jour
Hello, I am Tommy.
If this is your first time coming to my idea, thank you very much for taking the time to pay attention to it. My opinions are all subjective and personal. It might be right, or wrong, but there is one thing I can guarantee you will never go wrong - always set the SL for each entry before setting the TP for it.
_______________________________
Current situation on Oct 11:
- The pair today just tested 145.90 level, and a break higher would see USD/JPY trade at levels not seen since August 1998
- The Bank of Japan last intervened in the FX market on September 22, when USDJPY was trading around 145.70, buying approximately $21 billion of Yen to stabilize the currency. DXY can not fall immediately, so this made USDJPY's uptrend slow down, but not reverse immediately. A very strong uptrend that cannot be reversed in a day
- If BoJ decides to stand back from the FX market at these levels, USD/JPY can easily move to test the August 1998 high at 147.63, and tend to break the round number - 150
- USDJPY just broke out of the accumulation zone between the horizontal resistance line and the MA21 (Day TF) (Consists of a build up then a break out according to Bob Volman PA Method). However, the gap at the end of the accumulation area has not been fully filled, as well as the breakout volume and the length of the breakout candlesticks are not as expected, so there is a high possibility that this is a not-good break - easy to create a false breakout.
I am Bearish on USDJPY in short-term - before PPI m/m on Thursday
If this is your first time coming to my idea, thank you very much for taking the time to pay attention to it. My opinions are all subjective and personal. It might be right, or wrong, but there is one thing I can guarantee you will never go wrong - always set the SL for each entry before setting the TP for it.
_______________________________
Current situation on Oct 11:
- The pair today just tested 145.90 level, and a break higher would see USD/JPY trade at levels not seen since August 1998
- The Bank of Japan last intervened in the FX market on September 22, when USDJPY was trading around 145.70, buying approximately $21 billion of Yen to stabilize the currency. DXY can not fall immediately, so this made USDJPY's uptrend slow down, but not reverse immediately. A very strong uptrend that cannot be reversed in a day
- If BoJ decides to stand back from the FX market at these levels, USD/JPY can easily move to test the August 1998 high at 147.63, and tend to break the round number - 150
- USDJPY just broke out of the accumulation zone between the horizontal resistance line and the MA21 (Day TF) (Consists of a build up then a break out according to Bob Volman PA Method). However, the gap at the end of the accumulation area has not been fully filled, as well as the breakout volume and the length of the breakout candlesticks are not as expected, so there is a high possibility that this is a not-good break - easy to create a false breakout.
I am Bearish on USDJPY in short-term - before PPI m/m on Thursday
Transaction en cours
Although I knew USDJPY was still going up even slow, the BoJ didn't intervene to support the Yen as I expected within 48 hours like before. The price is close to hitting the stop loss, but I consider this a normal situation. As long as we have a stop loss, after each trade and through each period, we will understand more about "whatever can happen, not what we expect"
There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.