TRADE IDEA: What's Next for Yen Crosses? - 27-12-2022

TRADE IDEA: What's Next for Yen Crosses? - 27-12-2022

2022-12-28 • Updated



The trend in the scenario above is clearly bearish. We have also had a recent break of structure at the marked horizontal arrows, which means we can expect price to react from the supply zone that broke the structure. Coincidentally, the supply zone and the 200-SMA are perfectly aligned around the same area.



After the bearish break of structure, we see price steadily angling towards the supply zone for a retest. The zone of interest also has the 100-SMA and the Fibonacci retracement levels as added confluence.



EURJPY can be seen to have successfully broken out of the wedge pattern with an accompanying break of structure. As a result, price is expected to retest the supply zone that created the break of structure. This means my bias here is also bearish.



After the initial breakout from the wedge pattern - and break of structure - we see price gliding slowly higher towards the 75% Fibonacci retracement level. The highlighted zone is expected to react away from the supply zone. There is also the notable presence of a trendline resistance around that zone confirming the likelihood of a bearish continuation from the marked spot.



Overall bias on CHFJPY is bearish, however, there's been a bullish break of structure serving as a confirmation of the market's intention to retest the marked supply area before dropping further.



Price in this scenario is clearly in search of a reliable zone it could actually get to react from. Already the sluggish price action is an indication that momentum is low, therefore, price would be looking for an order-filled region to capture liquidity. The highlighted supply zone is my preferred area of entry though.


The views above are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.

Log into your dashboard or create an account here to get started.


CAD: Markets Await GDP Release
CAD: Markets Await GDP Release

During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...

Trade of The Week: AUDNZD Trade Breakdown
Trade of The Week: AUDNZD Trade Breakdown

The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...

XAUUSD: Markets Slow Down Ahead of NFP
XAUUSD: Markets Slow Down Ahead of NFP

Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...

Latest news

USD: Powell Speaks on Cutting Interest Rates
USD: Powell Speaks on Cutting Interest Rates

Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...

WTT: Currency Pairs To Trade In April
WTT: Currency Pairs To Trade In April

Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera