TECHNICAL ANALYSIS USDJPY Prospect
Future down movements are well- supported on the higher timeframes. Te next strong resistance level is the Kijun-Sen line and the bottom of the Kumo cloud on the Weekly and Monthly charts.
USDX Retrospect Figure 12: USDJPY Weekly
On the Daily charts it is very spectacular to see that the down movement was not only caused and supported by the Weekly Senkou Span A level, but also
the Daily Kijun-Sen turned flat when the price left it extremely far behind and it attracted the price back strongly to it’s original direction.
On the Weekly USDX chart the down movements have been supported by the Kijun-Sen line. In April the price was moving between the Tenkan- Sen and Kijun-Sen lines, but in May the price finally confirmed the trend continuation by crossing the Tenkan- Sen line in the direction of the main bearish trend. On
the Daily USDX chart the Figure 13: USDX Daily
movements were supported by the top of the Kumo cloud. Aſter April’s clear down movements, the price moved back and tried to reach the Senkou Span B level in May, but it failed to break that important resistance level and it was turned down by the Kumo top at the end of May. Finally in June a bearish Tenkan/Kijun cross happened and the Kumo future turned bearish again.
USDX Prospect
As all Ichimoku components are clearly bearish on the higher timeframes, the down movement has still more chance. Te most important resistance level is the Weekly Kijun-Sen line at 77.00.
Figure 14: USDX Weekly Gabor Kovacs FX TRADER MAGAZINE July - September 2011 71
FX
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