... in 2 consecutive weeks are indicating a continuing trend with good momentum.
The decline since June 12th has been retraced now. As we are in a falling trend channel a continued fall is more likely.
We could not hold above the MA and shall follow further the downtrend which prevails since January.
It looks like if the downward correction will continue. I am following this move with a tighter stop loss.
After this sideward range and a fruitless test of the downside we are retracing back up now.
All Ichimoku indicators are rising. The lower Donchian line, however has fallen. But this reflects the retracement only we just were faced with. The rate itself is holding well above the indicators and the trend is upwards.
The High of July 17th has been retested twice and has built a support by this way. So it may become the turning point to leave the sideward range and follow the uptrend again.
I am aware that the tendency of the yen is unclear at moment. The fall below the MA however suggests a further decline in this case.
It seems to be the euro that has an overall strength. The yen seems to be secondary. The trend is up and has been retraced now.
We were watching a hammer yesterday and the cross support which is the reason of it and the confirmation of their importance.
The upward trend has no been violated yet and as long as we hold above this important MA I suppose it to be continued.
It is the second retracement within the downmove since Mid June. As the retracements become shorter another (final?) fall shall follow now.
The rate has overcome all resistances and retraced the gain. Now we are rising again what confirms the new uptrend.
We have reached the cloud after a good rise and are ripe for some retracement down now.
The second attempt to reach new highs has failed and has been retraced now, i.e. the next attempt may follow now and because the trend is intact there is a good chance to succeed.
As one can see easily the expectation of the rise was something higher then it has been reached. Thus I am considering the recent correction down as a good opportunity to rebuy the position.
The red candle of this morning has been taken out which is a sign that the price will try to utilize the remaining reserve of the recent uptrend now.
I is a sideward movement but as we are holding below the MA and a falling price line I supose that the next move will be downward.