Trade Idea: Yen Crosses - 15-12-22

Trade Idea: Yen Crosses - 15-12-22

2023-02-16 • Updated

GBPJPY

GBPJPYDaily-1412.png

GBPJPY was a bit challenging to analyze. The most prominent technical factor that jumped at me as soon as I saw the chart though was the wedge I marked above. Due to the lack of any further reliable confirmations, I will be sitting on my hands until price makes a clear breakout of the wedge with a retest for entry confirmation.

CADJPY

CADJPYDaily-1412.png

Last week I gave the setup on CADJPY for a bullish reversal from the demand zone after an initial drop deep into the zone. Price seems to have almost completed the downward move into the demand zone, hence, I am expecting a strong bullish reaction from the zone. The trendline support is also a worthwhile confirmation to consider.

USDJPY

USDJPYDaily-1412.png

The pivot demand zone on the daily chart of USDJPY is the most feasible point of interest in this scenario. Coupling that with the 200-Day Moving Average lends even more credibility to the demand zone. My expectation from this is that we get to see a bullish reaction from the zone toward the 140 price area.

EURJPY

EURJPYDaily-1412.png

EURJPY is one of the cleanest setups I spotted for Yen crosses. Here, we see price trading structurally within the descending channel toward the 200-Day Moving Average. Price has just recently been rejected from the Fibonacci retracement zone, and considering the trendline resistance that aligns with that zone, we can expect price to turn downwards.

CHFJPY

CHFJPYDaily-1412.png

There seems to be another attractive channel scenario on the CHFJPY chart similar to what we saw on the EURJPY chart. The Fibonacci + trendline combo confirmation will most likely push prices even lower, possibly to the 142 price region.

CONCLUSION

It is important to understand that the trading of CFDs comes at risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.

Log into your dashboard or create an account here to get started.

Similar

XAUUSD: Will Gold Continue to Rally?
XAUUSD: Will Gold Continue to Rally?

Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.

AUD: Trade Ideas
AUD: Trade Ideas

Last Tuesday, the Australian dollar experienced its steepest drop of the year, falling by 1.18%, following higher-than-expected US inflation figures, which boosted the US dollar. However, the Aussie has since rebounded and is now trading at a two-week high against the US dollar. Investors are...

NZD: The Week Ahead
NZD: The Week Ahead

Commerzbank's analysis suggests a brighter outlook for the New Zealand Dollar (NZD) in the coming months despite recent downward pressure. Factors like broader U.S. Dollar strength and domestic issues have kept the NZD below last year's highs. However, robust labor markets in both New Zealand and Australia and an expected...

Latest news

CHF: Key Zone Could Yield Strong Reactions
CHF: Key Zone Could Yield Strong Reactions

USD/CHF saw a rebound after declining for two days straight, climbing towards the important psychological level of 0.8800 during Wednesday's early Asian trading session. There's some pressure on the Swiss Franc (CHF) as traders await the Swiss ZEW Survey – Expectations report scheduled for later today. Moreover, investors are keeping...

USD Expected To Recover Some Strength
USD Expected To Recover Some Strength

In the early hours of Tuesday, the US Dollar faces challenges in maintaining its strength against major currencies, with the US Dollar Index struggling to surpass the 104.00 mark. Investors are eagerly anticipating the release of key economic data, including January Durable Goods Orders and the Conference Board's Consumer Confidence Index for February. Additionally, the economic calendar includes reports...

CAD: Price Delivery Suggests Strength
CAD: Price Delivery Suggests Strength

In the early hours of Tuesday, the US Dollar faces challenges in maintaining its strength against major currencies, with the US Dollar Index struggling to surpass the 104.00 mark. Investors are eagerly anticipating the release of key economic data, including January Durable Goods Orders and the Conference Board's Consumer Confidence Index for February. Additionally, the economic calendar includes...

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera