We are inside the cloud but the 2 sen crossed to the upside while they are in the cloud.
the span is above the rates but under the cloud.
Mix signals are coming from the Ichimoku
the 2 EMA are showing downtrend we are currently on the EMA50 area, trying to take a clear trend. MACD turned in uptrend area, while RSI si below his neutral area
Weekly
All the ichimoku are showing the downtrend.
The 2 EMA have crossed to the downside in the last week of November 2008.
MACD is showing downtrend while RSI is close to getting out from is oversold area.
Resistance on the upside could be seen @ 130.80 and to the downside @118.28.
Monthly
We are working below the cloud, the Tenkan Sen and Kijun Sen are working just above the top of the cloud. The span si inside the cloud, but under the rates.
We have mix signals from the ichimoku
We can calculate fibonacci from July 2008 @169.96 and October 08 @113.63, and we obtain
38.2% 134.92
50% 141.70
61.8% 148.14
76.8% 156.90
The 2 EMA are still showing uptrend even if the gap is thiner and thiner. MAcd is showing downtrend, and RSI bounced on his overbought signal level
I think EURJPY is already in a correction of this huge develeraging movement. We lost in 4 month in about 5 700 pips, I will not be surpised if we see a correction to the 141.70 area, but it s long term view, could take several month because I think volatility could drop in a significant manier over the coming month.
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