Signals are September 2008
September is going to be the USD/JPY month, I am convinced about that, all the jpy pairs showed a strong jpy as carry trade position are reducing.
In weekly USDJPY is showing the same than GBP/JPY a month ago, 2 big doji on the last three weeks.
Moreover, we are on the EMA50, just on it MACD crossed to the upside, RSI bounced back on 50 levels, and stay in bear trend. Signals are mixed.
In weekly, Ichimoku, we reached and we stayed 2wks arrounds the bottom of the cloud, we didn't arrive to enter inside the cloud.
At last, USD/JPY retraced former downtrend from 124.13(June 07) til 95.73(March08) by 50%, the candle pattern formation boost our bearish case scenario.
The 2 Kijun, and Tenkan Sen are still on the upside and Chinkou Span is still under the cloud but above the rates.
On daily chart, there is a bearish divergence on our MACD, RSI is closed to cross 50 levels.
and EMA 50 @ 108.15 is attracting the rates. If we break it market will accelerate in our view the downside, the support will be seen arround 106.95 as it s also the March trend line support
and EMA 50 @ 108.15 is attracting the rates. If we break it market will accelerate in our view the downside, the support will be seen arround 106.95 as it s also the March trend line support
In the uptrend
Be long @110.66 SL 109.73
Be short @109.73 SL 110.66
In the downtrend
Be long @ 107.87 SL 106.94
Be short @106.94 SL 107.87
We are currently short USD/JPY @109.11 with a SL @110.80, objective is seen at 105.00, then 103.20, and 101.30 before 100.00
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