It's boring now, but may be very interesting soon! 118,50 key!
Weekly:
- Ichimoku setup is drifting towards more neutral. Price failed to break above Kijun Sen (26 weeks average) last week
- Heikin Ashi starts to signal undecision in the range again.
- Febr-May 2015 we had trading range appr. 118,50-121,50. Then spike to 125, some retest, spike again to 125 --> double top. Plunge followed back to 118 (-). Sept-Oct 2015 we had trading range appr. 118,50-121,50
The pattern may be forming a huge Head and Shoulders with a double top inside the Head!
- Please note that within Ichimoku system the average Tenkan, Kijun and Senkou A became flat, but most importantly Senkou B (52 weeks average) moved up to 118,50!!! Forward Kumo got thin again.
- Long term (multi year) bullish trendline is also up to 118,50
Daily:
- Price tried to make a bullish breakout above the Kumo, but in fact this setup is still neutral, until break of 118,50-121,50 range. Actually price dipped back into the Kumo again.
- Heikin Ashi turns bearish. haDelta back below zero line, also the oscillator switches to red.
Theory: USDJPY may consolidate further in 118,50-121,50 range in coming weeks. We see only talking from both central banks, but neither FED, nor BoJ is really doing any steps.
Obviously if their monetary policy starts to deverge again, then the trend would continue up. For this technically price needs to move and stay above weekly Kijun Sen. Otherwise every trend has an end at some point, so if by some reason 118-118,50 once breaks, that would end the long term bullish trend and bring a strategic bearish reversal.
- Ichimoku setup is drifting towards more neutral. Price failed to break above Kijun Sen (26 weeks average) last week
- Heikin Ashi starts to signal undecision in the range again.
- Febr-May 2015 we had trading range appr. 118,50-121,50. Then spike to 125, some retest, spike again to 125 --> double top. Plunge followed back to 118 (-). Sept-Oct 2015 we had trading range appr. 118,50-121,50
The pattern may be forming a huge Head and Shoulders with a double top inside the Head!
- Please note that within Ichimoku system the average Tenkan, Kijun and Senkou A became flat, but most importantly Senkou B (52 weeks average) moved up to 118,50!!! Forward Kumo got thin again.
- Long term (multi year) bullish trendline is also up to 118,50
Daily:
- Price tried to make a bullish breakout above the Kumo, but in fact this setup is still neutral, until break of 118,50-121,50 range. Actually price dipped back into the Kumo again.
- Heikin Ashi turns bearish. haDelta back below zero line, also the oscillator switches to red.
Theory: USDJPY may consolidate further in 118,50-121,50 range in coming weeks. We see only talking from both central banks, but neither FED, nor BoJ is really doing any steps.
Obviously if their monetary policy starts to deverge again, then the trend would continue up. For this technically price needs to move and stay above weekly Kijun Sen. Otherwise every trend has an end at some point, so if by some reason 118-118,50 once breaks, that would end the long term bullish trend and bring a strategic bearish reversal.