ridethepig | JPY Losing It's "Haven" Status...
Highlights of the week going to USDJPY exploding to the topside and catching many with their pants down (myself included). In times of extreme panic even the USD can outperform JPY as a safe haven currency. Japanese economy is coughing badly in all data fronts and considering the geographical location relative to the virus it makes it hard to find reasons to park capital there for the forseeable future. Combining all of this with the technical break of 110.3x which was strong resistance and cascaded macro stops, simply, technicals only added fuel to the fundamental fire.
The monthly chart in USDJPY is looking very bullish indeed, with targets up at 149.xx .. this chart is not looking so crazy after all:
The same 'E' leg that we traded live together:
Most of the sell-side flows in USDJPY were built around coronavirus risk-off sentiment - I recommend bookmarking this breakup as it seems we are dislocating from the traditional JPY safe haven environment. Picking up cheap tactical longs on the day at 111.25 ideally with initial targets located at 111.8x and 112.2x before trailing for the breakup.
Thanks as usual for keeping your support coming with likes, comments and etc!
The monthly chart in USDJPY is looking very bullish indeed, with targets up at 149.xx .. this chart is not looking so crazy after all:
The same 'E' leg that we traded live together:
Most of the sell-side flows in USDJPY were built around coronavirus risk-off sentiment - I recommend bookmarking this breakup as it seems we are dislocating from the traditional JPY safe haven environment. Picking up cheap tactical longs on the day at 111.25 ideally with initial targets located at 111.8x and 112.2x before trailing for the breakup.
Thanks as usual for keeping your support coming with likes, comments and etc!
