JPYBasket Bounces Off Central Pivot on H1

2 Mar 2020

The JPYBasket retraced to the 38.2% Fibonacci level of its previous impulse move up. This level overlaps with the central pivot and together these levels have supported the index. Moreover, its green 5-hour EMA has moved above its orange 10-hour EMA (green ellipse) and the RSI has pushed above 50 (blue rectangle). Capital seems to be flowing back into the JPY, which is regarded as a safe-haven. Thus, risk-off and fear may still be dominating market participates. If the EMAs develop angle and separation, the JPYBasket's next impulse up may very well be under way.