Hello traders So far its going good on USDJPY. Keep an eye on gold. It is literally stuck in range from a while. Couple of fundamental reasons here as well. Yields are rising across the board which are also pressuring gold. But gold is also inflation hedge. Then we have stock market sell off and smart money takes some time to reposition. My only concern is that dxy fell for more than a year and gold and usdjpy were still stuck in that range. I have no idea how some of the big hedge funds trade just with fundamentals. How do you actually time the market like that? It's hard to trade with all this information. I love to know the macro themes but i try to build a case with technicals.
Here is what i am looking at.
Weekly macd is crossed up and Ichimoku is simply bullish. Daily macd is crossed down and we have Kijun resistance ahead. Gold need to break that and close above first of all and once this range has a weekly breakout, we can see massive acceleration to the upside. There is also multi month head and shoulder pattern. So, for now, keep an eye on it . We'll see how it goes.