Yen far from Overbought

by Ashraf Laidi
Dec 20, 2018 18:43

Although USDJPY hit a 3-month low at 110.96, reaching its 100-WEEK MA for the 1st time in 3 months and its 200-DAY MA for the 1st time in 4 months, YEN strength is far from excessive. 1. Positioning. As the CFTC's speculative data on JPY positioning vs USD suggests, JPY remains net short vs USD, but has broken a 6-month trend line resistance, suggesting further reduction in JPY shorts. 2. JPY Trade-Weighted Index from the Bank of Japan is a truer reflection of yen value, rather than USDJPY, which is starting to reflect reduced USD positioning. JPY TWI chart indicates upside breakout ahead (technicals) and 110 is the obligatory next  stop until the next risk-relief rally. After 1 failed attempted, our Premium short in USDJPY opened at 112.70 is nearing the target. Careful near 110.70 for now.   

Click To Enlarge
Click To Enlarge
Yen far from Overbought - Jpy Twi Dec 20 2018 (Chart 1)


More Hot-Charts

  • Bitcoin versus Miners Performance  Chart

    Bitcoin versus Miners Performance

    Apr 9, 2024 16:02 | by Ashraf Laidi
    As many of you know 2023 was kind to members of our WhatsApp Broadcast Group who snapped up shares in bitcoin miners, while 2024 has so far been more superior to Bitcoin than most of the miners...
  • Gold, Bitcoin, USD Combo Chart

    Gold, Bitcoin, USD Combo

    Jun 22, 2023 16:46 | by Ashraf Laidi
    I mentioned last week  on here on how and why both gold and USD are falling together. Since then, the trend accelerated alongside another detail.
  • تفسير مراحل الذهب  Chart

    تفسير مراحل الذهب

    Mar 17, 2023 21:28 | by Ashraf Laidi
Hot-Chart Archives
Comments (Showing latest 0 of 0) View All Comments