JPY Index ended the week consolidating at the previous HH (10229).If this market can't break and close above this current level I'll be looking a minor pullback towards the 50% fibonacci for buys which has confluence with a previous level of daily minor resistance. A break and close below the previous HL (9999) will invalidate buy setups.
Depending how the current 8HR and Daily finish
If it breaks the trend line and the top Horizontal Ray I will be Bullish.
If it respects the trend line and goes to break the lower Horizontal Ray I will be Bearish.
JPY basket is at a critical junction point following touch of descending trendline from March.
Will the Bull charge cause the JPY to breakdown next week?
Or will the Bears push it higher still?
Yen still looking vulnerable. It's a bull market you know!
As always though it could go either way, always plan for either event and react accordingly!
JPY basket of currencies is close to falling through support, will it hold?
I don't think it will but it could go either way.... as with everything in Forex!
The above chart shows the hourly ichimoku cloud of FXCM's JPY index - JPYBASKET. The observations are as follows:
- The lime green leading span A had crossed above the red leading span B.
- The forward cloud is light green and indicates support.
- Price is above the black base line and the base line is moving in a bullish direction.
- The orange lagging span is...
