UJ, critical that we hold the cloud here as support. (Green area). I am watching very closely for any momentum breakthroughs below the cloud (Bearish) or any green reversal candles (bullish) above the cloud in the next few days. Sometimes a trader needs to "monitor' the chart for a few days before he/she takes action. I will set alerts above today's high for a long and below the cloud for a short. Only then will I establish a position. Hopefully we can hold the cloud here since I need to exchange some US dollars for my next upcoming Japan trip. This is strictly an educational chart to show how well the Ichimoku has worked in the previous months to support the uptrend in UJ. I will post updated charts as this progresses. Good luck.
Comment
⋅
Well as we predicted, the cloud has held as support here. Put your long stops below the cloud and target the resistance area around 114 for some of your profits. Leave some units long in case we break above the 114 resistance. Good luck to us all.
I'm a little more on the BEarish side of things. I see the price fallin below the 55 SMA at the moment and waiting to see it go up to check the underside before heading towards the 200 SMA. My targets on the Daily are at 111.25 and 110.75.
Bonavest
⋅
@Cabezadeltoro Well it seems it took a while longer than I expected it to, but that final 110.75 level and the 200 SMA was reached.