How long will the bulls rule the USDJPY?

How long will the bulls rule the USDJPY?

By: James Ansher | Where To Trade | On:6-10-2014 13:11
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Key Highlights

  • Major support and resistance levels
  • Ichimoku kinko hyo analysis
  • Multi time frame analysis
  • Strong bullish Signals across all time frames
  • Short term consolidation to subside
  • Long term bullish trend to continue

The USDJPY has been on an uptrend since the third quarter of 2011 from which time it has appreciated over 2000 pips. On its way up, the trend has shad only a few periods of consolidation. The question on every yen traders mind is whether it is time to take profits and prepare for the down trend o will this trend be continuing.

Major Support and resistance levels

Resistance levels

  • The highest resistance within our scope is the weekly R3 at 112.67
  • The second major resistance at 11.63 which is the weekly R2
  • The third resistance is the 2008 high at 11.72

Support levels

  • Our first and closest support is at 108.82 which is our weekly S1
  • The next major support level is at 107.86 which is out monthly pivot point
  • Our final support within our scope is the 105.43 which is the high of December 2013

 

Ichimoku Kinko Hyo Analysis

 

Monthly Analysis

From the Monthly chart, a very strong uptrend is evident. There is an up Komu cloud that is well below the candle sticks providing support. This is a bullish signal indicating that the prices are well supported.

The Kijun sen and the tenkan sen have made a bullish cross and they are both trailing above the komu clouds. This is a further bullish signal indicating that the bullish momentum is likely to continue.

Where To Trade - USDJPY Monthly 06-10-2014

USDJPY Monthly

 

Weekly Analysis

From the weekly chart, the uptrend is still evidently strong. There is a large up Komu cloud that acted as support for the prices in July. The candle sticks are trading well above the clouds, this implies that the uptrend is strong and well supported it is unlikely to experience any major reversal in the short term and the medium term.

Kijun sen and tenkan sen have made a bullish cross. This indicates that the bullish momentum is likely to continue. Where To Trade - USDJPY Weekly 06-10-2014

USDJPY Weekly

 

Daily Analysis

From the daily charts, an uptrend is also evident. There is a large up Komu cloud above the prices.  This is indicates that the prices are well supported and are thus unlikely to fall below the clouds lower bound.

The Kinjun sen and tenkan sen have made a bullish cross and are drifting further apart; this is an indication that there is very strong bullish momentum for the short term , this means that the  bullish up trend will be  continuing. The tenkan sen however has touched the candles and is about to cross above them. This is a short term bearish warning that the prices are consolidating.

Where To Trade - USDJPY Daily 06-10-2014

USDJPY Daily

 

Wrap up

From the ichimoku analysis it is clear that the uptrend enjoys a lot of momentum.  Across all time frames the Kinjun sen and tenkan sen have made a bullish cross. This means that we should be expecting the bullish momentum to continue with ease. We can anticipate therefore that the present consolidation in the daily charts will subside.

From the long term view the up tend is likely to continue. With the up komu clouds in the weekly and monthly charts providing support any bearish moves are likely to be sort term and will find major resistance when they touch the clouds.

Under this conditions a great trading approach is to maintain a bullish bias on longer term USDJPY Trades and to by the bottoms when there is a reversal. 

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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