USDJPY - Top consolidation started, may end in pull back later

FX:USDJPY   U.S. Dollar / Japanese Yen
151 4
Daily: I think I don't have to comment the trend and the macro behind. But every trend and blow up moves show consolidation and correction after some time. USDJPY has likely reached a local top.
MACD and Slow Stoch give sell signal together, while Price got very quickly too far away from Kijun Sen. I think a correction down to 115-116 area has a good chance in comeing days.

Let's have a look at the lower time frame.

4 Hrs: After one slightly lower high Price is reaching Kumo top, while we have a weak Tenkan/Kijun bearish cross and Chikou Span also hits Price candles. ADX dropped back below 20 with DMI loosing its bullish bias.
What is even more important, both ROC momentum indicators are in red now. It is clear that a top consolidation has started.
When you have both ROCs below their EMAs and Tenkan crosses below Kijun, that is minimum a take profit signal. You can also try to enter shorts in small, as together with daily signals the chance for a counter trend is increasing, but the real sell signal based on Ichimoku components will come in if there won't be a higher high and if Price breaks back below the 100 WMA and the Kumo.
ichokum is the worst tech tool indi
2use pabx06
Then for you there is a perfect and simple solution: if you believe so, stop reading Ichimoku based posts! Seriously, that can just confuse your mind. Use only your own well established trading system, which you trust and which you believe is perfectly working for you.
+1 Reply
Do you have a better solution or simply whinging about something you don't understand?
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