Agreed Craig. I think this is because they are both considered safe have currencies (or at least were). The battle of the safe havens.
JPY has been picking up steam as off late .
Still looks a solid setup like the QML setups one of my favourites 
USDJPY
This pair looks to be making a drop and has broke structure on the 1 hour TF and leaving relative Equal lows on the 4 hour with the last candle.
I will be looking for 1 of the 2 set ups to form at my points of interest. Looking at both sides of the market for an intraday Buy or Sell.
With the sell set up I am looking for a retracement in to the daily OB an then continuation pushing further down breaking the equal lows.
Or for the Buy for price to continue down the the open imbalance in price and also touch back on the old highs of start of May and then push back up in to the FVG gap on the 4 hour set up.
Both of these set ups would yield around 10% account growth so looking for a good entry is important also.
Keep a close eye on market structure and remember key entry and price action will be needed.
Make sure you use proper risk management when trading. Let me know how you get on.
I just wonder what will happen in a couple of hours after the interest decision - last time 28 April when the decision was how expected -0.1 USD/YEN jumped up. What will happen this time? Is there a chance of a positive rate?
The pair made some strong bullish move. The level of 135.500 seems to be working as a level of resistance. The buyers may wait for the price to make a bullish breakout to go long in the pair again.
USDJPY
Back with a similar set up to last week with the break of structure on the 1 hour TF .
With this set up I am looking for 1 of the 2 set ups to form at my points of interest. Looking at both sides of the market for an intraday sell and longer idea to buy.
With the sell set up I am looking for a retracement in to the OB an then continuation pushing further down breaking the lows and in to the Gap.
Or for the Buy for price to continue down to the gap towards the bottom and then back above the old highs.
Both of these set ups would yield around 5% account growth so looking for a good entry is important also.
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Would definitely like the sell to attack the low marked at 138. Ill keep an eye
Same area for ne on the Sell ties in nicely with my supply zone
USDJPY
This pair came back to take out the highs again, from here we can map out what happened after the high got taken and how we could take advantage of the situation day trading.
But currently on the higher TF we are still bullish.
with no current set ups or clear direction I though I would share some of my thought process when looking at charts and reading levels.
This is somthing important to practice and learn, identifying areas and concepts that you would look out for when trading.
Study the charts and how they are moving.
Let me know what you think.
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USDJPY Trade idea
This pair is currently in consolidation and waiting to break out. For a while now this pair has been bearish dur to dollar strength and yen weakness. This week we have seen the Dollar rally again but with USDJPY holding showing a form of divergence.
With NFP tomorrow I will be looking for a manipulation move to the upside and then feel we could head south back in to the old FVG low.
This is just an idea for now and we could see the opposite happen depending on the market makers. But just remember news gives an opportunity to drive price. Therefore we do not trade the news event but the aftermath. This idea would take the buyers out the market and then form a BOS bearish on 4hour TF.
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Ole USDJPY still cutting smooth like butter. I’m waiting for the corrective move down to 134.06 before adding to my longs. If I don’t get the correction before ending wave 5 I simply won’t take the trade. Too many other good opportunities out there.
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USD is getting stronger and stronger and after the turmoil in Japan i think ill be sticking with longs too for sure
The pair has been extremely bullish in the daily chart for quite a while. Last Friday’s candle came out as a bearish inside bar. Thus, a bullish reversal candle in the daily chart may attract the buyers to go long again in the pair.
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Ill look into this for sure, i am relying more and more on higher time frames at the minute
USDJPY has been a bit relentless really lately - no point in shorting. JPY is weak and USD is very strong, not sure why.
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Not a short for me either
The pair seems to be making some bearish correction in the daily chart. The buyers may go long again if the price finds its support and produces a strong bullish reversal pattern at the value area.
Back with USDJPY
With the rate hikes today and the break of structure on this pair I will be looking for opportunities to ride this down.
At the moment we have had a strong bearish movement with not real retracement to off set price delivery.
I will be looking for this pair to pull back tomorrow in to an area of interest and fib level. the 70% looks optimal From this area i will be looking for price action in London or new York session and targeting the spike gap from last month.
Keep a close eye on market structure and remember key entry and price action will be needed.
Let me know what you think of this and I will get back to you with an update later on.
The proof of the pudding is in the eating we see.
It at a fairly strong level of support at the moment
Personally speaking I’m expecting it to at least rally to 135 plus.
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