BOJ - Let's challenge you!
Intervening in there currency was a perfect technical set-up as well but as I started in my previous posts, we are going to re-rest the highs as we are, and we could perhaps go further if we break above that spike high of 146 area. However, we could get a fake break to either direction that's where you should be careful. Technically we have a great technical set-up once again!
Formation: Triangle
Bears: A break below 143 half handle we could head down to 142 half areas.
Bull: A break above 146 areas we could ahead above to 146 three-quarter areas.
Fundamentally: BOJ just like BOE followed and ECB are doing in having to intervene due to higher DXY - print money despite high inflation, in order to support their sovereign bond markets. BOJ intervening is being tested highly!
Key tip: Be careful of fake break outs and follow your own trade plan
Have a great week ahead,
Trade Journal
Intervening in there currency was a perfect technical set-up as well but as I started in my previous posts, we are going to re-rest the highs as we are, and we could perhaps go further if we break above that spike high of 146 area. However, we could get a fake break to either direction that's where you should be careful. Technically we have a great technical set-up once again!
Formation: Triangle
Bears: A break below 143 half handle we could head down to 142 half areas.
Bull: A break above 146 areas we could ahead above to 146 three-quarter areas.
Fundamentally: BOJ just like BOE followed and ECB are doing in having to intervene due to higher DXY - print money despite high inflation, in order to support their sovereign bond markets. BOJ intervening is being tested highly!
Key tip: Be careful of fake break outs and follow your own trade plan
Have a great week ahead,
Trade Journal