Last month, I pointed out that the JPY Index was sitting in a very important support zone, making pairs like GBP/JPY and EUR/JPY worth keeping on traders’ radar.
Indeed, the index rebounded, which translated into a drop for both EUR/JPY and GBP/JPY. After the initial bounce, the index returned to test that zone once more.
What’s interesting now is that if the index continues higher, it will also break above the falling trendline. This could trigger an acceleration — and for GBP/JPY and EUR/JPY, that could mean a 500-pip drop.
JPY pairs should definitely be closely monitored from this point on. 🚀
Indeed, the index rebounded, which translated into a drop for both EUR/JPY and GBP/JPY. After the initial bounce, the index returned to test that zone once more.
What’s interesting now is that if the index continues higher, it will also break above the falling trendline. This could trigger an acceleration — and for GBP/JPY and EUR/JPY, that could mean a 500-pip drop.
JPY pairs should definitely be closely monitored from this point on. 🚀
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.