We continue to creep higher
A slow rise after a steep fast decline is not what I like to see. If you are riding this move higher be aware it could end very quickly
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Correct! You are right on the money!
I use the Internal Bar Strength (IBS) calculation/indicator as a relative strength filter/confirmation. The IBS is a leading indicator. I use some price action confluence and economic data releases for timing of my entries and exits.
If IBS is < 20 it’s a Buy. If IBS is > 80 it’s a Sell. It confirms JPY’s coming strength so I am looking to shorting the AUDJPY, EURJPY and USDJPY .
USDJPY is already at a key level ready to be short as per Dennis’ chart i.e. price is at support-turned resistance level. The IBS reading is at 93 for todays daily bar. The stochastic oscillator is overbought-- excellent level to short this pair after the PMI economic news and Jerome Powell’s speech tomorrow.
Whereas, AUDJPY and EURJPY both busy forming their last leg anchor of double top reversal M patterns. Both pairs are currently overbought. IBS readings are at 88 and 87 respectively confirming reversals. One just needs to be patient with these two
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First that I have heard of this indicator, MT4 I assume?
Where can it be found?
Do you care to share some charts to demonstrate the JPY setups?
Thanks.
Here is a link an MT5 link
Free download of the 'IBS' indicator by 'GODZILLA' for MetaTrader 5 in the MQL5 Code Base, 2012.02.03.
I personally prefer the manual computation of the IBS on the specific daily signal bar to the indicator as the calculation is relatively simple.
I have dropped the time frame to H1. There is confluence of a key level with Fibs at 156.00-156.20 zone, EMA 13/48 are about to cross down. Williams %R and Stochastics also confirm the overbought condition.
Okay, thanks, but not a chart that I understand, I will stick to RSI when I need to use an oscillator.
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The last time NZD was number one was back in February
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Staying short the Yen was the play of the week.
Note, that I will be traveling for the next few days, my next post will be on Wednesday
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Pretty much the same, I wonder if the USD spike weaker on news will rebound in the coming weeks, anybody?
The AUD and NZD have a firm grip on #1 spot, however.
On reflection: the so called BoJ intervention can hardly be seen on the JPY.
Not much has changed while I was away
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Note: My NZD numbers for Thursday were incorrect, the numbers below are correct ( maybe 
)
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For a few years now, the partner of a friend I occasionally visit has asked me what is my top tip for the forex market, as he shows me in through the front door. He’s an ex-business owner but knows nothing of forex.
For years I have been saying while passing him in the hall, “Just keep selling the Yen.”
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US markets closed today, no change in rank order
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No change, market is in a slow crawl upward
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DOW leads markets lower, but relative strength continues to be in the NASDAQ , that tells us this market remains in Risk-On mode
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