EURJPY has been hanging around 157 - 157.5 range for some time, we saw a break below last week which quickly recovered, but we've broken back below now so I expect a stronger push back down to the low of last week (caused by JPY buying).
With price action there was also a failure to make a new high, we saw a short pinbar on the 4HR before we broke back below my resistance block.
I see this happening again as the BoJ look to defend their currency, I'm expecting JPY to start to perform well across the board - they may not provide any interest but their inflation is low and their economic performance is looking ok to me to, and also money flows and so a reversal should be coming soon.
I also think the EURO is in trouble, with stagflation, this will lead to recession imo and will hit the EURO so this is one of the JPY crosses I'm expecting big declining moves from.
With price action there was also a failure to make a new high, we saw a short pinbar on the 4HR before we broke back below my resistance block.
I see this happening again as the BoJ look to defend their currency, I'm expecting JPY to start to perform well across the board - they may not provide any interest but their inflation is low and their economic performance is looking ok to me to, and also money flows and so a reversal should be coming soon.
I also think the EURO is in trouble, with stagflation, this will lead to recession imo and will hit the EURO so this is one of the JPY crosses I'm expecting big declining moves from.