The above chart show's FXCM's JPY index, the JPYBASKET. The left chart show's the daily time frame. Here the index is below its black 20-day SMA and the RSI is on the bearish side of 50 (blue rectangle). These are indicative of an underlying bearish momentum. The right chart show's the hourly time frame. Here the green 5-hour EMA is below the orange 10-hour EMA...
FX:JPYBASKET Was anticipated to break the highs on the 6th of May last week. However, a decent correction was made and anticipating another push to break the recent highs again from current range.
#AHMEDMESBAH
Yen has broken out of an important triangle formation and looks to be headed to old highs. I will be looking for intraday opportunities on small time frames to get long a few of those. I will post charts in comments to show a few examples of the pairs I am looking at.
The charts show's FXCM's JPY index - the JPYBASKET. The left chart shows the daily time frame, which shows that the index is above its black 20-day SMA and that the SMA is angling up (aqua ellipse). The RSI is also above 50, which indicates bullishness (blue rectangle). The right chart show's the hourly time frame. The short time frame's RSI is bullishly above 50...
The left chart shows FXCM's JPY index, the JPYBASKET. It is trading at the black 20-day SMA, which is acting as support(green ellipse). The SMA is still pointing up and the RSI is above 50 (blue rectangle). As long as these dynamics hold, bullish momentum maintains. However, if price drops below the SMA and the RSI dips below 50, the momentum will turn bearish....
The left chart shows FXCM's JPY index, JPYBASKET. It has pushed above its 20-day SMA and the SMA has started to turn up. Moreover, the RSI is on the bullish side of 50 (blue rectangle).The right chart shows the hourly time frame. Here, we can see that the EMAs are in bullish mode and the RSI, whilst testing the 50 level, has started to push up again. If the hourly...
The left chart shows FXCM's JPY index, the JPYBASKET, challenging its black 20-day SMA. The SMA is also hinting that it might turn up. At the same time the daily RSI is looking to move above 50 (blue rectangle), which is indicative that an underlying bullish momentum might be building. The right chart shows the hourly time frame. We note that the hourly RSI is...
The left chart shows the JPYBasket daily time frame. The index is above its black 20-day EMA and the EMA is pointing up. Thus the daily is regarded as trending up. Moreover, the daily RSI is on the bullish side of 50 and has normalized from recent overbought level. The right chart shows the hourly time frame. The lime 5-hour EMA is looking to cross above the...
Further to our previous article , the JPYBASKET broke out of its flag formation and headed towards the pattern's target. This, as risk-off sentiment dominates markets and safe havens, like the JPY, benefit. However, it is worth noting that the RSI has pushed down from the 80 level (blue rectangle) in a pattern referred to as a RSI failure swing top. The failure...
Further to yesterday's article , the USDJPY upswing is still to catch. In this regard, we note that the RSI is above 50 (blue square), which suggests and underlying bullish momentum on the H1 time frame. Moreover, the index looks to have charted a falling flag which is a bullish continuation pattern. i.e. if it completes the next leg should be up. The target for...
The JPYBasket retraced to the 38.2% Fibonacci level of its previous impulse move up. This level overlaps with the central pivot and together these levels have supported the index. Moreover, its green 5-hour EMA has moved above its orange 10-hour EMA (green ellipse) and the RSI has pushed above 50 (blue rectangle). Capital seems to be flowing back into the JPY,...
The JPY is regarded as a safe haven and tends to be sold down when there is less uncertainty in the market. This being the case it is interesting to note that FXCM's JPY index - the JPYBasket - is showing signs of weakness i.e. its green 5-day EMA has crossed below its orange 10-day EMA. Moreover, the latest candlestick shows a long range red candlestick...
![JPYBASKET: #JPYBASKET $JPYBASKET [12H] The 2 Possible Scenarios.](https://s3.tradingview.com/8/88yesfTQ_mid.png "#JPYBASKET $JPYBASKET [12H] The 2 Possible Scenarios.")
![JPYBASKET: #JPY Basket [8H] One More Push to the Upside?!](https://s3.tradingview.com/n/NSLhVBwS_mid.png "#JPY Basket [8H] One More Push to the Upside?!")
![JPYBASKET: #JPY Basket [8H] Will it break that high?!](https://s3.tradingview.com/m/MQzEvuwi_mid.png "#JPY Basket [8H] Will it break that high?!")
