Dear brilliant traders at Forex.Today,
I am happy to be back in Forex.Today, and thrilled to continue posting my trading idea/setups, moving forward.
Also, I will try to provide you the latest news/information from Japan, mainly about YEN & BOJ.
Here you see Ichimoku chart of USDJPY Daily chart. Remember, all Japanese investors and fund managers in Japan use Daily & Weekly Ichimoku charts. So it shouldn’t be wasting of your time, to take a look at Daily Ichimoku.
As you can see, the candles have been well under the clouds, since Dec 2015. Ever since then, the prices made series of Lower Lows and Lower Highs. However, one might argue tha price might have formed Double Bottom for the last few days, meaning no more Lower Low. Also the current price level is Psychological number – 100.0
Thus, it shouldn’t be crazy to assume the candle may break the cloud and see Sunshine soon, though I still believe there should be at least one rejection (pullback) by the cloud, before breaking the cloud.
So let’s stay focused if USDJPY can break the clouds, for the next couple of weeks.
Summer vacation season should be over soon, meaning we can expect more volatility in the market. So with that, we may be able to expect the weaker YEN again.
I will start building up the Long trade setups with YEN-cross pairs.
YJ Baik, Forex.Today @ Tokyo