Pocketbook Reports
June 26, 2022 (approximately 200am CST)
QUICK INTRO
You are back again. I am humbled that you are coming for more. As you all know, I write about cryptocurrencies and my actual first trading love: FOREX. My last report was about the forex pair: CHFJPY. If you missed it, you can catch it here: https://medium.com/@k_warrior/pocketbook-report-9710f848b9e8
I have not looked at the crypto market as much this week but because I’m in a trading group, I do know there was a little bit of bullishness this week. I still think the bears are not through so don’t hold any buys too long without some really good confirmations.
WEEKLY PAIRS WATCHLIST
Keep an eye on the following pairs this week:
- CADJPY
- AUDJPY
- USDCAD
- AUDUSD
- CHFJPY
WHO GAVE MR. JAPPY SOME MILK?
Last week I told you that Mr. Jappy (JPY) was getting beat up AND down by every other currency. Well, he had something for you this week. Mr. Jappy was the strongest currency for the majority of the trading week. He got back at most of his enemy currencies before losing steam by the end of the trading week.
HE IS THE WEAKEST LINK
Now how Mr. Jappy get beat all the way down again?? (Exhibit A is down below) As I’m doing the Pocketbook Report, I’m just looking at the currencies meter and I see he is back in the red with 2 black eyes. I knew he had lost steam, but come on Mr. Jappy. I thought you were Kung Foo fighting. I guess not. Bruce Lee would never….
Mr. Jappy is back as the weakest currency again as of the time of this report.
More about him in a minute….
MR. SWISS FRANC (CHF CURRENCY)
Y’all know I love me some Mr. Swiss Franc; so I had to slide in this little bit before I get into Mr. Jappy’s unsung story.
I talked about Mr. Swiss Franc at length last report so I will not linger in this one. I saw a bearish engulfing so figured the week would start off somewhat bearish. Well, it didn’t quite happen that way. Week before last, price ended at around $1.0379. It did not fall below that price and got as high as $1.0561 (almost a 2% move) before ending the day and week at $1.0492. (see pic of Swiss Franc: CHF currency below)
Mr. Swiss Franc fell just a tiny bit during the week and at one point was even the weakest currency. That lasted for ony half a day however.
It was a mere fakeout…or perhaps Mr. Swiss Franc is just tired of being the strong one for everybody else.Who knows?? Either way…even I, the ANALYST, was faked out. I just knew Mr. Swiss Franc was going to lose his long standing title this week, but alas, I will admit when I am wrong. This week ended looking very similar to last week. I’m still waiting on some real bearish activity anyday now. But that just goes to show, don’t marry your bias!
CHFJPY still remains a favorite pair to trade.
NOW LET’S TALK ABOUT MR. JAPPY
From January 2021, Mr. Jappy currency (the yen) has lost almost 25% in strength. I haven’t dug too much into what is going on with him and them….but maybe that is something to look into. If you have ANY OTHER currency, you will be rich over in Japan. We might need to book a vacay. Somebody tell me in the comments what is happening over there. In all actuality, Japan is a place I always wanted to visit so I’m serious about a trip over there.
TRADE ANY PAIR AGAINST THE JPY THIS WEEK
With that being said, you can trade almost any currency against the jappy this week if you so desire.
As you can see from the currency meter chart below, all 7 of the 8 currencies whooped Mr. Jappy’s butt…AGAIN. Unbelievable.
I will be watching CADJPY at the beginning of the week. The Aussie dollar and New Zealand dollar are also good to look at against the weakling…I mean Mr. Jappy.
The Canadian Dollar ended the trading week the strongest. If using the weekly currency meter above, you would be buying the CAD (Canadian dollar) and selling Jappy’s weak butt (JPY).
Keep in mind, with any JPY pair, a strong correction is definitely looming. CADJPY pair has been bullish for 4 months. The RSI on the monthly chart is showing overbought as it is sitting at 76. For those that don’t know, if the RSI indicator is above 70 that is letting you know that bullish (buying) activity may be coming to an end in the near future. Price needs to re-balance.
THE TECHNICALS
CADJPY is definitely giving bullish vibes (meaning you should be looking to buy) unless the currency meter and EMAs, or news show otherwise.
INTRADAY ANALYSIS
Price has just left the 7 Day MA (moving average) on the 1 hour timeframe chart. I don’t like to buy in the middle of space so it needs to find its way back to the 7 day MA (around $104.70) or preferably the 20 day EMA or the 200 day EMA (apprx 1404.46 to $104.14). As long as CAD is strong and JPY is weak, I would feel comfortable in a buy position. If price falls below $103.85, there may be some selling/shorting opportunities about to present itself.
If selling, there are some key levels at $102.99 and $102.50. There is a major level at $102.32 where the 800 EMA is currently sitting.
If buyng there is a key level at $105.39 and a major key level at $105.87.
Be on the lookout for news that implies weakening or strengthening of Mr. Jappy(JPY) to help you further make good solid trading decisions.
OH, BY THE WAY…..
Psssst….One of my favorite trading buddies from the trading group I’m in, told me to be on the lookout for EURO pairs. EUR has some high alert news coming out this upcoming week. Im not discussing in this report as this report is short of a dissertation at this point, but hey check it out.
Maybe another to add to the list…. <cough, cough> EURJPY. ;-)
Remember, trading buddies don’t let trading buddies drink and trade or is it trade and drive?? Ahhh…Just to be safe, don’t do either.
DISCLAIMER
Every report, I intend to share my thoughts about a currency pair in forex or a coin or token that we are looking at for a possible entry in the cryptocurrency market.
I ALWAYS implore you to do your own due diligence and research. With this report, I hope that it helps you with your trading and investing endeavors.
Keep in mind, I do not consider myself a technical or a fundamental trader NEITHER AM I STATING THAT YOU SHOULD GET INTO ANY COIN OR FOREX TRADE AT THIS MOMENT OR EVER.
This is not financial advice.
Again, please do your own research.
CONCLUSION & GIFTS
That’s it for today.
I talked briefly about the amazing trading group I’m in. If you are interested, send me a message here so we can speak directly. It is a private trading group and I would like to make sure we can help you achieve your goals.
As mentioned earlier, we already have a bias of what to expect because we get a report every month for crypto, stocks, futures, and forex. If you are interested in getting the monthly report ONLY so that you can plan your trades for the weeks ahead, you can check that out here. This is just for access to the report.
Again, send me a private message so that we can discuss if you are interested in the actual trading group.
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Trade responsibly. DO NOT use money you can’t afford to lose.
This is not trading advice.
DYOR.
Have Fun and Happy Trading.
