JPY is powering for a while. One of the reasons is a fact that jpy futures are oversold and some fresh rebounce could come for a couple of hours.
I am watching eur/jpy closely.
Actually just looking for a small correction.
US bond yields are sharply low on Friday due jobs reports and i think that a reflection on this week might continue.
So, bonds could be sell off and currencies will be affected rising the price. That's seems logical.
I'm bullish for jpy crosses and i prefer to buy eur/jpy in appropriate time. There is bullish pin bars that confirm the trend to up. But some consolidation should be watched out.
Who reads my overviews knows that i'm chartist. Yes, i am.
LONG position on e/j at 124,23 with 200 pips target. If the candle down to 123,72 don't worry. Its a fake movement. Furthermore 1 to 4 candles formed are fake traps and we shall see this like one opportunity to buy or sell depending on trend, of course.
Remembering that if traders buy bonds we shall sell currencies. If traders sell bonds we shall buy currencies.
Fast movements for up/down are bull/bear traps and thus a new opportunity to enter action on markets.
Another observation is look the candle formation in pairs times.
Thanks in advance,Igor