FX TECHNICAL ANALYSIS


bearish as wel l. The ma in resistance levels are at 1.5500 (Monthly Kumo top) and at 1.3800 (Weekly Kijun-Sen), while the most impor tant support levels are at 1.2800 (Weekly Kumo bottom) and at 1.2000 (last significant low on Monthly char t).


USD/JPY Figure 7: USDJPY Monthly


On the USDJPY Monthly char t


the price was rang ing


within the body of the Kumo during both the first and second quar ters of the year. No extraordinary movements happened, but the price slowly moved above the Kijun- l ine in May.


Figure 8: USDJPY Weekly


One the Weekly chart the previous downtrend broke in April, when the price started to approach the flat Kijun- Sen line that was moving a few pips below the bottom of the Kumo dur ing that month. Af ter reaching the Kijun-level, the price broke it through in May and started to bounce between the Kumo and the Kijun- l ine in June.


Figure 9: GBPUSD Daily


The future di rection of the GBPUSD currency pa ir is very undecided. The Da ily


38 FX TRADER MAGAZINE July - September 2018


chart is clearly bearish while the Weekly is mixed, and the Monthly chart is slightly


On the USDJPY Daily char t the price went above the s trong support Kijun-Sen line right at the beginning of Apr i l and was continuously moving


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