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I had placed some buy orders on JPY pairs on 23rd & 24th viz. at the start of this week as most of the JPY pairs were at demand zone. I was expecting some quick reactions from these demand zones, but instead price continued to consolidate and eventually we have seen some real buying today. Technical scenario was favoring bullish price action since start of this week. Managed to close some positions before reduction of weekend margin. Finally managed to get into Top 20 in trader contest and final goal is to get in top 10 with just one trading day to go, have to be precise with my trading plan, no margin for any mistakes.
Next week is going to be very interesting price action on JPY pairs as Japanese government gearing up to raise the sales tax for the first time in 17 years. The last time a politician in Japan dared to raise taxes was in April 1997 and the consequences were severe. It kicked off a long period of recession that later turned into stagnation and deflation. In the month that taxes were raised, the Nikkei and USD/JPY increased in value but the following month, there was a nasty 13% correction in USD/JPY. The rally in the Nikkei extended a bit further but peaked in June and fell 28% over the next 6 months.
Next week is going to be very interesting price action on JPY pairs as Japanese government gearing up to raise the sales tax for the first time in 17 years. The last time a politician in Japan dared to raise taxes was in April 1997 and the consequences were severe. It kicked off a long period of recession that later turned into stagnation and deflation. In the month that taxes were raised, the Nikkei and USD/JPY increased in value but the following month, there was a nasty 13% correction in USD/JPY. The rally in the Nikkei extended a bit further but peaked in June and fell 28% over the next 6 months.
