USD/JPY : SHORT-TERM BEARISH CONTIUNATION MOST LIKELY
- The market is trading below a long-term bearish trendline (plain) since July, the mid-term trend is bearish.
- Recently the market registered another impact below its long-term bearish trendline which ended the short-term bullish correction and sent prices to lower highs and lows. Prices have broken-out their short-term bullish trendline (dotted) and then crossed their Ichimoku cloud. Very recently, the Chiko-span has been blocked by its SSB following its break-out of the bullish trendline (dotted), which led prices to a correction.
- This is seen as a bullish short-term correction inside a wider bearish market movement. The ichimoku cloud has now registered a bearish twist while the fact that the chiko-span has broken-out both its Kijun line as well as the dotted bullish trendline are strong signs of a bearish continuation. However, the very short-term bullish correction may extend until 105.330 or 105.50 before registering another new low towards 104.90 to begin. Main targets are then located above 104.90, 104.50 and 103.95 by extension. Very short-term targets over 105.25, 105.18, 105.10 and 105.00. The break-out of the SSB by the Chiko Span will be the main bearish signal.
- Recently the market registered another impact below its long-term bearish trendline which ended the short-term bullish correction and sent prices to lower highs and lows. Prices have broken-out their short-term bullish trendline (dotted) and then crossed their Ichimoku cloud. Very recently, the Chiko-span has been blocked by its SSB following its break-out of the bullish trendline (dotted), which led prices to a correction.
- This is seen as a bullish short-term correction inside a wider bearish market movement. The ichimoku cloud has now registered a bearish twist while the fact that the chiko-span has broken-out both its Kijun line as well as the dotted bullish trendline are strong signs of a bearish continuation. However, the very short-term bullish correction may extend until 105.330 or 105.50 before registering another new low towards 104.90 to begin. Main targets are then located above 104.90, 104.50 and 103.95 by extension. Very short-term targets over 105.25, 105.18, 105.10 and 105.00. The break-out of the SSB by the Chiko Span will be the main bearish signal.