USDJPY | Possible Short opportunity
Dear All, here is my view on the USDJPY. I would appreciate it if you share your thoughts in the comments.
Overview:
As of the end of August UJ showed impulsive bullish trend continuation, leaving several FVG behind itself. On September 6 the impulsive upward move determined the Demand zone which was mitigated during the BOJ intervention that took place on September 22.
BOJ remains categorical about its interest rate is unchanged, that was the reason for intervention. However, intervention is a complex and costly process, so I expect it to continue for some time, otherwise, it had no sense to intervene the first time.
The H4 Fair Value Gap left after the intervention is almost fulfilled, so it may become the POI for a short position.
The H1 Fair Value Gap remains open and may also be considered as the POI for entering a short position.
Entry; Target; Exit:
As the entry point, I will consider H4 and H1 FVG fulfillment points.
As the target point, I will consider the H1 Demand zone, more specifically the M15 refined zone (white border block).
As the exit point, I will consider the area above the H4 FVG (1st scenario) and the area above the H1 FVG (2nd scenario).
Risk:
The main risk is a strengthening dollar. that is why you should keep eye on the Home Sales and Durable Goods data on Tuesday (27.09.2022).
Thank you and good luck!
Overview:
As of the end of August UJ showed impulsive bullish trend continuation, leaving several FVG behind itself. On September 6 the impulsive upward move determined the Demand zone which was mitigated during the BOJ intervention that took place on September 22.
BOJ remains categorical about its interest rate is unchanged, that was the reason for intervention. However, intervention is a complex and costly process, so I expect it to continue for some time, otherwise, it had no sense to intervene the first time.
The H4 Fair Value Gap left after the intervention is almost fulfilled, so it may become the POI for a short position.
The H1 Fair Value Gap remains open and may also be considered as the POI for entering a short position.
Entry; Target; Exit:
As the entry point, I will consider H4 and H1 FVG fulfillment points.
As the target point, I will consider the H1 Demand zone, more specifically the M15 refined zone (white border block).
As the exit point, I will consider the area above the H4 FVG (1st scenario) and the area above the H1 FVG (2nd scenario).
Risk:
The main risk is a strengthening dollar. that is why you should keep eye on the Home Sales and Durable Goods data on Tuesday (27.09.2022).
Thank you and good luck!
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