TECHNICAL ANALYSIS
Te Weekly chart also seems to be neutral, however it is a bit more bullish (the price is above the Kumo, the future Kumo is bullish, the price is above the Kijun-Sen), but as the Chikou Span is still below the Kumo, the up movements aren’t confirmed yet. Furthermore, the price couldn’t break up the weak resistance Tenkan- Sen level during the last 8 months.
Figure 8: USDCHF Weekly
The Monthly USDCHF chart is clearly bearish, however as the price was ranging between the Tenkan- Sen and Kijun-Sen levels during the last 7 months, the continuation of the bearish movements will be confirmed if a bearish price/Tenkan- Sen cross happens.
USDJPY Retrospect Figure 9: USDCHF Daily
On the Monthly USDJPY chart in spite of the long term bearish trend, the price started to march up in the direction of the Kijun-Sen with a nice volume during the last 3 months. The last time the price was similarly close to the Monthly Kijun-Sen level was in 2008, so the movement is quite significant, however it didn’t change the overall bearishness of the picture.
On the Weekly USDJPY chart after the bullish Tenkan-Sen/Kijun-Sen cross, the price moved up more than 450 pips during February and March. However the bullish Kumo breakut wasn’t confirmed by the Chikou Span, and the Kumo future also remained bearish.
On the Daily chart, aſter a short Figure 11: USDJPY Weekly FX TRADER MAGAZINE April - June 2012 79
FX
Figure10: USDJPY Monthly
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