USDJPY is currently not selling off like other JPYs because of Dollar Strength against the Japanese Yen, despite the Yen index resuming Bullish after a very long term Bearish Trend.
The Dollar-Yen is currently reacting to the June 2024 Resistance, where it had a massive sell-off last year. Will it possibly replicate the move again, being its almost same time as last month? Well, it's a must to watch out for!
To trade the Sells, I'll wait for price to break the internal support region @ 141.50- 141.40 flipping it to become a resistance, then join the sells down to 161.10-161.00 region
There's a rising wedge chart pattern formation to strengthen the sell bias. But the entry for this chart pattern is usually a break and retest of the lower trendline, which indicates price no longer conforms to the trend within the pattern.
As indicated on the chart, the break and retest of the trendline is where the entry comes in play. This pattern often signifies buyers exhaustion, and the breakout to the downside confirms Sellers overpowering the buyers and ready to drive price further downwards.
To trade the buys, I'll wait for price to breakout of the Resistance area between 162.00 and 161.90. A simple Break and retest will confirm invalidating of the Resistance a continuation of the buys, within the channel.
While awaiting BOJ decision on their interest rated, which is tilting towards a hike anytime soon, USDJPY might experience a sharp decline in the 3rd quarter of the year.
While other JPYs began to see a downside this week, UJ has been in a decision Zone, and with the Dollar interest hikes earlier this week, it the pair was able to still sustain it's bullish momentum.
In this coming week, a break below the 160.89-160.95 support region, can result in a full downward trend. But a break above the 161.95- 161.89 Resistance region can result in another prolonged Uptrend.
GBPJPY D1: there's been an imprint of the Bearish Head and shoulder Pattern with the shoulders formed at the 214.013 internal Resistance Region. This signals a further downside for the pair, but the Trend support has kept price at the 212.31 support region all through the week.
