USDJPY : Based on the Ichimocu system we can see that the price seems to be in a bullish mode.
In order to justify that, we examine the components of the system one by one.
The tekan sen and Kijun sen lines seem to be in a bullish formation and above the cloud.
The chikou span is above the cloud and the price and the cloud are looking bullish for the time being.
To be able to spot any potential signals we need to see the price bounce on the kijn sen line.
About the Author:
Marios Athinodorou is TeleTrade's market analyst and commentator. Apart from being an experienced trader, Marios is an advanced technical analyst and is interested in trading psychology. He has 7 years of trading expertise in Forex and CFDs, providing insights to share with all kinds of traders, from beginners to experts. Among others, Marios is delivering weekly trading webinars. Sign up for upcoming webinars, here.
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