A great opportunity to go Long USDJPY
UJ has just broken the neckline of an inverted H&S and retested the neckline. It is a great Long opportunity.
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The reason for the above trade is that Yen has been trying to appreciate all March but has not been successful. Eventually bounced after touching the wedge upper band and I expect Yen to depreciated over the next a few weeks.
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Then above chart was the YEN average weighted chart.
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Finally not to forget the Nikkei after false breakout of the wedge formation to the downside, it turned and broke the other side of the wedge formation which is the long side. Stronger Nikkei is equal to cheaper Yen.
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In terms of USD also see the 10Yrs bond. See the red line which has been acting as a strong support and resistance in the past. Once again here it is acting a strong support. I would expect USD to gain in the next a few weeks. Again this is another reason for UJ long trade.
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and finally see the last chart, the average weighted USD. If you are going to guess which direction would you guess ? :)
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Time to breakout?
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happy days
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Target removed for now. I expect a lot more :)
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Reasons for removing PT : 1) completion of inverted H&S on Nikkei. As you know YEN and Nikkei usually moving against each other. Now Nikkei heading up means we have cheaper YEN which is good for our UJ long trade. Right? see the chart below
2) See the false breakout of the lows folowed by break of the other side of the key resistance level. Good for UJ Long trade. Right?
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Nice breakout of the H and S on Yen futures too. Cheaper Yen is what we need for our UJ long trade. Right?
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According to this post, target filled but as mentioned yesterday I removed the PT. Target moon lol
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You know I did not exit UJ. Such a huge momentum for Nikkei that even did not retest the Neckline. Weak YEN and of course with stronger Dollar UJ is a big bull
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still long way to go :)
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2% UP and more to come ...