USDJPY : one of most the difficult pair to trade in Forex
1- Bearish Hammer @ supp turned resistance level PLUS a big follow through candle.
2- Investor seems cautious before the Non-farm payrolls.
3- Would bank of Japan like current gains by YEN.
4-Possible entry point and reasons of it are highlighted in yellow rectangles.
Yen looks promising to start gaining once again, although Bank of Japan wouldn't like it. As they are fighting with deflationary pressures. But FX market seems unconcerned with it.
Highlighted in Green, Yen got high volume bid 3rd time since MAY 2019, huge selling and follow through of it (which is very very important).
This 3rd selling is also expected to have the follow through. Even if Bank of Japan intervene, current price action have room to grow downward till 105.20. .
We are not going to take this position right now, but we have a bearish bias on this PAIR right now. NFP can derail the setup. So a prudent move is to stay side-line and wait for today's close.
We will see the pair over the weekend and if an opportunity is warranted, Monday will be the right time to jump into....
Happy FX Trading and Weekend... ENJOY....
2- Investor seems cautious before the Non-farm payrolls.
3- Would bank of Japan like current gains by YEN.
4-Possible entry point and reasons of it are highlighted in yellow rectangles.
Yen looks promising to start gaining once again, although Bank of Japan wouldn't like it. As they are fighting with deflationary pressures. But FX market seems unconcerned with it.
Highlighted in Green, Yen got high volume bid 3rd time since MAY 2019, huge selling and follow through of it (which is very very important).
This 3rd selling is also expected to have the follow through. Even if Bank of Japan intervene, current price action have room to grow downward till 105.20. .
We are not going to take this position right now, but we have a bearish bias on this PAIR right now. NFP can derail the setup. So a prudent move is to stay side-line and wait for today's close.
We will see the pair over the weekend and if an opportunity is warranted, Monday will be the right time to jump into....
Happy FX Trading and Weekend... ENJOY....