FX TECHNICAL ANALYSIS
the price crossed the Kijun line from below and broke out from the Daily Kumo with the same candle and started to continue the previous bullish trend. As the Chikou Span is also above all major resistance levels and the Tenkan-Sen crossed the Kijun from below, this move is well-supported by all other Ichimoku components.
Figure 7: USDJPY Monthly
The next major resistance level is
the bottom of the Montly
Kumo a bit above the 1.500 round level, while the forming bullish trend is supported by the Weekly Kijun at 1.368 and the Monthly Kijun at 1.333.
USDJPY Retrospect Figure 8: USDJPY Weekly
On the USDJPY Monthly chart the new year started inside the Kumo, moving slowly from the top of the Cloud to the middle of it. The chart shows signs of a weak correction as the Ichimoku components are lined up to support
a bearish movement Figure 9: USDJPY Daily
top pattern – it started to move back to the Kijun-Sen level again. At the end of February, the price got below the Kijun-
48 FX TRADER MAGAZINE April - June 2018
Sen and in March it even entered the Kumo which is the sign of undecided, ranging market. Finally, on the 19th of March
however the price is still in the Kumo, the Chikou Span is between the Cloud and the price. Even though the Tenkan crossed the Kijun from above, it happened within the Kumo which weakens its significance.
While the bearish correction is not fully supported yet
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