Today is the ThanksGiving day in US. Thus the market should be thin.
So rather than writing about today’s setup, I would like to talk about rather long-term analysis of GBPJPY using Ichimoku.
The above is Daily Ichimoku. Currently the price is in the cloud. The price was rejected at the top of the cloud, but at the same time, it is also supported by the bottom of the cloud. Thus it is in the cloud. (Of course!) The current thick cloud will end soon. Even if the price stays at the current level, it will be out of the cloud in 5-6 days.
Also, the next cloud will be Bullish cloud. (Yes, there are 2 kind of clouds – Bearish Cloud and Bullish Cloud)
So when the price gets out of the current Bearish cloud, and sits above the next Bullish Cloud, then I will fully become Bull with this pair.
That will be in December. So I feel like buying all YEN pairs in Dec!
YJ Baik – Forex.Today @ Tokyo