Many forex traders have either been told or have learned from painful experience, the Yen currency pairs can be dangerous and volatile to trade. The GBP/JPY is perhaps the most infamous and volatile of all. No wonder then, many forex traders simply stay away from the Yen pairs. They probably don’t have a clear idea of where the Yen itself is heading. If they did, trading the Yen pairs would be much more straightforward.
And this is where the Quantum JPYX indicator steps in. It’s been designed to give you the heads up on where the Japanese yen is heading next, against a basket of four currencies. The index is constructed using an equal weighting of 25% as follows:
Euro
US Dollar
Australian Dollar
New Zealand Dollar
Best of all, you can attach it to the bottom of your chart, and never have to leave your TradingView account. The indicator plots strength and weakness of the euro as a candlestick chart in a separate indicator window when you attach it to the chart. In addition, there are two configurable simple moving averages to help with your analysis of the chart.
For an even more forensic view of the Yen, why not combine it with the Quantum Currency Strength Indicator. Now you can trade the Yen currency pairs with complete confidence, growing your trading account quickly, but with confidence!
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Updated for PineScript version 4 Added alert conditions