Trading the JPY
While scanning all major pairs USDJPY grabbed my attention by providing the clearest trade setup
This time I started with a 8 hours Delta comparison of the underlying trade sentiment in FX Volume
On top of the FX Volume symbol list we'll find all major pairs.
Because I wanted to know how the volume changed since the beginning
of the Asian session I
set 8 hours in the FX Volume indicator settings.
Et voila, we clearly see that the Delta between USD and JPY rose by 9%
while all others are
almost unchanged.
So let's have a closer look at this pair.
FX Trend speaks a clear language.
The FX Power currency strength lines are clearly separated and provide a rising delta as well
and the last Lighthouse level already became a stable resistance during the past 24 hours
And this is how this chart looks in total
So once we spotted a major pair with potential we should at the correlating cross pairs.
AUDJPY: Great volume change but the AUD long ratio is rising and FX Power shows an unclear currency strength situation
CADJPY: Is currently struggling at a support level but the setup has great potential
CHFJPY: Clearly sideways. Not even close to being a good opportunity
EURJPY: Same situation as CHFJPY. Clearly sideways.
GBPJPY: Clearly sideways as well
Last but not least NZDJPY which is currently untradeable as well.
By posting all these screenshots we hope you can clearly separate the good from the bad trading opportunities.
We'll stick with our clear trade setup on USDJPY and the semi-clear but promising setup on CADJPY.
Hope you'll have enjoyed the lecture and see you tomorrow.
Update on our USDJPY trade at 20:30 GMT + 100 Pips
Update on our CADJPY trade at 20:30 GMT + 67 Pips
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All the best and happy trading
Daniel
