Big intervention from JPY
Based on fundamental data, it is to process an intervention on currency to improve overall economic conditions in their country.
In the technique analysis, I could tell that this is the big uptrend from Q3–Q4 2022. That means it will be a chance to have a correction wave to create a base for institutions to take their time and place their position in the market. I've used these techniques to analyze a short position order to capture a reverse trend: Elliott waves + Harmonic pattern + Support and Resistance (Volume profile) + Fibonacci.
But USDJPY still has a chance to go up and break all the rules until the BoJ next move.
In the technique analysis, I could tell that this is the big uptrend from Q3–Q4 2022. That means it will be a chance to have a correction wave to create a base for institutions to take their time and place their position in the market. I've used these techniques to analyze a short position order to capture a reverse trend: Elliott waves + Harmonic pattern + Support and Resistance (Volume profile) + Fibonacci.
But USDJPY still has a chance to go up and break all the rules until the BoJ next move.
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.