I’ve been tracking Yen trends over the past couple weeks and as we move towards the BoJ’s policy review later this month, JPY strength has started to show more prominently.
USD/JPY set a fresh high on November 15th, finding resistance at a Fibonacci retracement as the USD rally continued after the Presidential Election.
But, notably, a week later, with DXY setting a fresh two-year-high, USD/JPY set a lower-high, building deeper into a descending triangle formation. I looked at that formation ahead of the U.S. holiday and in last week’s webinar and bears went to work shortly after, driving below supports at 151.95, 150.77 and, eventually 150.00 to create fresh lows in USD/JPY.
As I’ve been saying, I think EUR/JPY could be a more attractive venue for JPY-strength and the pair has sold off by more than 500 pips since last Monday’s high. The challenge at this point is the oversold conditions starting to show on the daily chart but in the video, I go over some shorter-term price dynamics along with possible resistance areas to track for bearish continuation scenarios.
To review last week’s JPY video:
And last week’s webinar:
The JPY video from the week before as these setups were starting to show:
James on X @JStanleyFX:
James Stanley’s video playlist:
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