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USDJPY 30 -MINUTE CHART – BOJ?
Did the BOJ just take a swing at the market or was it just an order that spooked the market?
Only the price move (down) is what matters and now needs to hold 158.66 to contain the downside and keep 160 on the radar, keeps a bid while 159+
Hint for trading the JPY:
When you see a sharp move in USDJPY, more often than not you should look at other currencies to see what the offset is as it usually involves a cross trade/order flow.
XAUUSD 4 HOUR CHART – STILL FEELING THE EFFECTS
XAUUSD is still feeling the effects of Friday’;s sell-off, which did not break2306 but was painful to the bull side.
With no key levels within 2316-68, suggest using retracement levels to find levels within this range.
EURUSD 4 HOUR CHART –
Break of 1.0720 indicates current momentum pattern is broken… needs to stay above it to keep a strong bid
…But only a break of 1.0748-61 would indicate more than just a retracement or bounce within the range.
Perhaps more significant is 1.0750 as only above it would suggest more legs to this recovery.
On the downside, 1.0698 is the level that needs to hold to keep thoughts away from last Friday’s low
USDX 4 HOUR CHART -EURUSD PROXY (57.6% OF THE INDEX)
Using USDX as a EURUSD proxy shows the retreat off Friday’s high/EURUSD low has broken a trendline. It is trading just above 105.57 support, below which would break the Amazing Trader up ladder pattern and end the cyrrent momentum to the upside.
Looking at the various currencies:
EURUSD is the current outperformer today (+0.33%) while the dollar is down about the same vs. all other pairs.
Wirth noting, USDJPY came withIN 8 pips of 160 as the BoJ threat kept it fro making s serious challenge.
USDJPY 4 HOUR CHART
I am posting a 4 hour chart in addition to the daily chart just posted to show the strength of this trend that started at 155.70.
As you can see by the rising red Amazing Trader lines, each dip has found support with the last on at 158.66.
To keep it simple for ther BOJ, either get USDJPY back below 158 or 160 will stay on the radar.
USDJPY DAILY CHART –WILL 160 BE DEFENDED?
Current daily pattern, higher for 7 days in a row
Major level 160.16 (34 year high)All BOJ can do is try to contain the upside as this chart shows, 155.70 would need to be broken to change the technical. Otherwise, bids will be lying in wait.
As I nited,
The initial focus should be on USDJPY after it closed within spitting distance of 160 and the 160.16 high. I am not in the BoJ’s shoes but if I am serious about defending 160 I would let the market run through the high and then come in hard with intervention. However, this plays out, 159-50-160.00 is going to be the nervous zone.
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