JamieHolmes
Short

Weekly Ichimoku analysis

FX:AUDJPY   Australian Dollar/Japanese Yen
41 0 1
AUDJPY             closes this week below the cloud, which gives a bearish signal.

The pair has gapped down lower at the start of this week, thi suggests we will see a resumption of the downward trend.

The lagging line looks set to move through the cloud, which will give further confirmation of a downward trend. Also, this week the conversion line has moved below the base line, indicating bearish momentum . If the conversion line continues to trend downwards, then the price action will too.

Also, notice the cloud projected ahead is getting smaller and looks likely to change to red soon. The speed at which the green span is declining suggest strong bearish momentum .

Entry on this week's close

TP indicated on the chart by the support area, SL @ close of bearish candle @ 93.08 or 50% of this candle @~94.81.

Or alternatively Take Profit when the price closes above the conversion line at weekly timeframe .

Fundamentally, the Aussie is set to be weak. Low commodity prices, pressure to ease monetary policy and a slowdown in China should see the fundamental value of the Aussie decline over the medium-term.
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