Monday, July 11, 2011

USD/JPY Ichimoku Weekly Forecast

Weekly USD/JPY

On the weekly chat Tenkan-sen has managed to recoil a bit from the longer term Kijun-sen that remains horizontal since the beginning of April (1) – the bulls have managed to prevent the “dead cross”.

In addition, there was an “inverted hammer” candle formed last week – the bullish signal. Moreover, the descending Ichimoku Cloud is narrowing – Senkou Span B goes down (2), while Senkou Span A is flat.

The bulls will likely manage to move higher this week.

3. weekly usdjpy

Chart. Weekly USD/JPY


On the daily chart tankan0sen (1) and Kijun-sen (2), as it was expected, formed the “golden cross”. Despite the rate’s decline on Friday, the Standard line (2) acted as support helping the pair go up at the beginning of this week.

The Ichimoku Cloud has narrowed almost to the limit – the lines Senkou Span A and B have come close to each other.

As a result, the bulls have now the chance to win the leadership. To achieve this they have to overcome 2 obstacles – the Turning line (1) and Senkou Span A.    

4. daily usdjpy  

Chart. Daily USD/JPY

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