1. Yen pairs are currently overbought after making higher highs
2. All, except GBPJPY, came off monthly pivots or monthly buy zones last week
3. All the Yen pairs are going to come down to support and then rally up to their respect monthly targets
4. In the below charts I have shown the fib though I have purposefully drawn the extension past the fib target and WR2 so that price can continue the trend next week in case we don’t reach the targets this week.
5. In terms of tactics, reversal patterns on a lower time frame will do the trick. Smart money is sitting at these levels after having bought last week so the setup should be clean and straightforward.
6. Setup an alert on your chart so you don’t miss the trade. Expect to buy between NY Open today and London Open tomorrow morning
If this goes according to plan then you are going to think it’s Christmas and then we get to sell them at profit taking zones at the end of December and get all the pips on the way down. Special thanks to Wayne for the view he shared on GBPJPY on Friday. I wasn’t seeing the wood for the trees.