USDJPY pais has dropped significantly yesterday.
Now the price is in the major support zone (121.50).
The question is… is the price going up or down, right? 🙂
Here is Weekly Ichimoku.
I think it is safe to say the candles are supported by the Cloud so far. Even if the price drops a bit, then both Kijun line and Tenkan line can be another supports.
Also here is the Daily Ichimoku. Well there is still some space left between candles and the Cloud. But overall, I can see the price will go up with the Cloud support.
Remember, every YEN traders in Japan checks Ichimoku charts.
So I would like to look for Long opportunity from here.
I will wait for Higher High on Hourly chart. Perhaps the price will hit 21EMA and drop from there.
Then I will buy this pair from Higher Low.
Hope this analysis helps you build your own trade setup.
PS: GBPJPY seems to be similar. Why don’t you try to setup GBPJPY trade setup as well?
YJ Baik – Forex.Today @ Tokyo