USDJPY: I think U/J has not finished the downtrend yet. Short
U.S. Dollar/Japanese YenFXCM
Description
⋅ Do you think is USDJPY complete its downtrend ?
I think the answer is NO.
Key support is at 118.60, I think USDJPY should test this support incoming days.
2 signals I said to confirm for downtrend:
- Break SMA100+ SMA200 : The main signal is SMA100 cut SMA200 for the first time since September 2014 --> a strong signal of Downtrend.
- Move below Kumo cloud.
Today, I show you one thing, I check Direction Movement System ( DMI ) :
- DI- cut DI+
- ADX cut 20 level --> Signal the downtrend will be stronger.
The problem is I see DI+ and DI- stayed below 30 level for a long time. If DI- moves above 30, I think the downtrend would be more clearer.
In short, SELL USDJPY to 118.60 is a appropriate trade currently.
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