TECHNICAL ANALYSIS
FX
thin what is also the sign of a choppy market.
USDJPY Prospect Figure 12: USDJPY Daily
As the Monthly and Weekly charts are fully bearish, and the Daily chart is neutral, the continuation of the bearish run is the most possible situation.
USDX Retrospect
If we look at the Weekly USDX chart, we can understand the reason of the ranging periods on the USD pairs, as on the Weekly USDX chart the price was moving in the body of the Kumo during the last few months.
Figure13: USDX Weekly
On the Daily USDX chart, since the price broke out from the Kumo cloud on the upside at the middle of November, the picture became clearly bullish.
USDX Prospect Figure14: USDX Daily
the picture was the same, in spite of the clearly bearish picture, the price was only ranging between the Tenkan-Sen and Kijun-Sen levels.
The picture is a bit more interesting on the Daily USDJPY chart, as
here the price tried to break out on the upside of the Kumo, but as the Chikou Span hasn’t confirmed the move, the breakout was unsuccessful. In the remaining time the price was ranging in the body of the Kumo and the future Kumo became very
The Weekly USDX chart is neutral at the moment, while the Daily chart is bullish. The main support/ resistance levels are the Weekly Senkou Span A and B levels. If the price crosses the Senkou Span B with the confirmation of the Chikou Span, more up movements can happen. If the price crosses the Senkou Span B level and the Chikou Span gets below the price, the picture will turn into bearish.
Gabor Kovacs Weekly updates on
www.ichimokuworld.com FX TRADER MAGAZINE January - March 2012 81
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