The USDJPY has been sitting in a range of about 80 pips for the last 3 weeks. We have been waiting patiently for it make a move one way or the other. Yesterday we made a move up thru the resistance level at 78.80. A further confirmation would be a close above the Daily KS at 78.92. From the looks of things The USD seems to finally be strengthening. Some decent economic news further dampens the possibility of QE3 here and we believe with worse than expected GDP #’s, and the newly passed consumption tax that the JPY could have problems moving forward. We have taken a 1 unit position here and will stop out if we break under 78 for an extended period of time. We are looking for a a Kumo cloud breakout.
If you would like to learn how to trade like a professional or learn more about our multi-timeframe email alerts, go to www.ichimokutrade.com
EDUCATIONAL USE. Commodity Futures Trading Comission, Forex, Futures, Equity and options trading has large potential rewards, but also large potential risk and may not be suitable for everyone. You must be aware of the risks and be willing to accept them in order to invest in these markets. Do not trade with money you can not afford to lose. This is neither a solicitation nor an offer to Buy/Sell. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this document. The past performance of any trading system or methodology is not necessarily indicative of future results. All information provided on the Blog is for educational purpose
