Greetings fellow traders.
As most of us know and are planning with regards to the JPY pairs, we are expecting JPY strength to soon come to an end around this period due to the end of JPY repatriation season and seasonality patterns i.e. JPY strength for the beginning of the year Q1 Jan to Mar, JPY weakness for Q2 Apr to Jun, some JPY strength again or consolidation for Q3 Jul to Aug, and weakness beginning from mid to late Aug till the end of the year). Of course these are seasonality patterns and bias and we have to wait for technical confirmations to confirm the bias.
Having said that, for me I will be looking for bullish reversal patterns and oversold conditions around these blue areas of support to hold for long entries on the following JPY pairs. It is important to note that it is still not the end of the week or month yet and these pairs could be subject to further moves or volatility but nonentheless in my view, the areas marked are key levels of support that I will be watching for potential long entries on the respective pairs.
If any of the marked levels of support fails, I will be looking for the next level of support to hold. If the pairs proves to be bearish and makes further downward moves, the long trade strategy on these pairs will be invalidated for the time being and we will have to wait for technical, fundamental and market conditions to prove in favor of the bullish bias on these pairs for long entry considerations on the JPY pairs. If the levels of support are not reached and the pairs rally further, I will be looking for retracements and next level of support for long entry considerations.