JPY Weekly Forecast
Japanese Yen (JPY) has been weak for a long time as other currencies have been rising against it since last year. The JPY currency index reached its lowest price, 85.95, as the year begins. It has picked up some strength since down and now going for a short term rally. This has made other major currencies to fall against the JPY.
The uptrend on major JPY pairs are coming to an end as price touched the weekly supply. Some pairs have moved faster than the others. CHFJPY and USDJPY are the leaders in this category, as their price have reacted aggressively from the weekly supply. Aggressive sellers had also stepped in on AUD/JPY & NZD/JPY and currently pulling back before making a new low. EUR/JPY, GBP/JPY & CAD/JPY are all lagging behind. Their prices are still at the weekly supply and they still have a long way to travel.
Personally, I love the setup on EUR/JPY and GBP/JPY as their setup fits into my trading strategy. It's one of the setup I love trading.
I will keep you'all updated as the trade develops.
Kindly Let me know what you all think about JPY this week.
I will be in the comment section.
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