Kumowizard
Short

From boring noise to clarity?

FX:USDJPY   U.S. Dollar/Japanese Yen
276 4 8
Weekly:
- Ichimoku picture turned to neutral, but bias is a bit bearish , given that Tenkan is still below Kijun and Tenkan points down. Future Senkou lines started to converge a bit more. Next bearish signal coulb be a weak bearish Chikou cross below past candles.
- After the big drop (long red candle) we had 6 weeks (!) of consolidation with decreasing volatility. Actually by last week this pair has become the most boring in FX space. Is it ready to continue lower finally??? Maybe yes, as haDelta/SMA3 seems to slowly turn down again from key zero level. This would be a confirming signal for bearish continuation.
- Most important supp/res zone is 116-117. If BoJ wants to protect JPY against further appreciation, they will have to do something ard 116, otherwise it makes a strategic bearish reversal.

Daily:
- Still a noise, with a neutral-like Ichimoku setup, but with bearish bias! Price has been swinging around Kijun Sen, but below Kumo.
- Heikin Ashi signals have been mixed, even today's candle and haDelta/SMA3 is a question. I am not sure if this will be reliable. For bearish confirmation we should see smoothed haDelta breaking its slightly positive trend. Price is also stuck in a tightenning triangle... maybe a bear flag (?).
Lower key level is 119,25!
Upper Kex level is 121!

Strategy is: Hold small short or maybe still stay away. Trade rather on a break!
I entered a short here, I'm seeing a potential drop from this zone. Updates on it?
Saw Nikkei? Bumping the same resistance over and over...
Reply
Kumowizard PRO IvanLabrie
a year ago
I was short from 119,90, but since I was on holiday, I did not monitor px action ard 118, so I cut the shoert only later on trailing stop ard 119,25 avg.
It is still bearish biased imho. retesting back now the prev green uptrend line (lower side of prev triangle).

I just sold some at 119,70.
+1 Reply
IvanLabrie TOP Kumowizard
a year ago
I'm short, holding mine in minimal pain. I'm also long GBPJPY as a hedge.
Check out my last post if you want, what do you think?
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USDJPY: BALANCED MARKET
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