FX TECHNICAL ANALYSIS
ranging period in January, finally a fully confirmed bullish Kumo breakout happened on the 9th of February. Te price moved up more than 650 pips from this point during February and March.
USDJPY Prospect
Te Daily USDJPY chart is clearly bullish as all Ichimoku components are pointing into the same direction. However on the Weekly chart it seems that the up movements aren’t confirmed yet by the Chikou Span and the Monthly chart also shows a main resistance level here, what is the Monthly Kijun-Sen level in this case. Te Monthly chart is still extremely bearish, so there is a good chance that this level will turn down the price into it’s original direction.
USDX Retrospect
On the Weekly USDX chart the price was trapped between the Tenkan-Sen and Kijun-Sen lines during the last 3 months and it was bouncing between them. On the Daily USDX chart the Chikou Span entered into the Kumo cloud in the middle of February aſter a bullish run, and it couldn’t break out from the Kumo since then. It tried to break out at the end of February and in the middle of March but without any success.
USDX Prospect
Te picture is neutral on the Daily chart as both the price and the Chikou Span are moving in the body of the Kumo. Te Kumo future is bearish, but the
80 FX TRADER MAGAZINE April - June 2012
Te Weekly chart is a bit more bullish, as all Ichimoku components are supporting the up direction, except the Chikou Span. Te bullish prognosis will be confirmed if the Chikou Span
Figure 12: USDJPY Daily
Figure13: USDX Weekly
Figure14: USDX Daily
latest Tenkan-Sen/Kijun-Sen cross was a weak bullish one.
can break out from the Kumo on the upside. If it can’t, further ranging periods will have the highest chance.
Gabor Kovacs Weekly updates on
www.ichimokuworld.com
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