Hello and welcome everyone,
after a few days of watching the market from the sideline
we are now back in because the JPY grabbed our attention.
That's what we saw at first this morning
The JPY dropped down across all three FX Power periods during the Asian session
so we had a closer look at USDJPY which is the master key to trade the JPY.
1. FX Power indicates that USD is clearly strong, JPY is clearly weak and the deltas increase across all periods
2. FX Volume displays a decreasing JPY long ratio and a rising USD long ratio. So the JPY gets weaker while the USD gets stronger.
3. Lighthouse displayed only one relevant Intraday resistance we hoped to get through easily
4. The FX Trends are in-line up to H4 and the D1 sell trend is below 50% which is very weak
All in all a good BUY scenario on USDJPY and if this pair moves we can grab some pips on the cross pairs as well.
To reduce your reading time I provide only two exemplary cross pair charts.
AUDJPY - No confirmation from FX Power - AUD is too weak in terms of strength and volume
and a great confirmed setup on CADJPY -> closing the weekend GAP will bring us 180 Pips of profit
Now it's your turn to browse through the charts and analyze them correctly :-)
Update on today's trade recommendations at 17 GMT
USDJPY + 181 Pips
CADJPY + 65 Pips
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All the best and happy trading
Daniel
