Welcome in today’s Ichimoku Forex Review were we are analyzing the most interesting currency pairs using Japanese trading technique Ichimoku Kinko Hyo. Unfortunately, yesterday we were not able to publish the review – there are so many new things going around Comparic – soon we will introduce you many new features so wait patiently! OK, let’s start with today’s outlook:
After rebound from resistance zone EUR/JPY is decreasing. Just today the Ichimoku cloud stopped that rapid movement and we can see a clear reflection. Candle closure over the Kijun line will be a confirmation of uptrend reactivation. Only thing here that can be worrying is adversely profit-to-risk ratio (less than 2:1).
Here we also can see a rebound, but you should search only for sell signals at NZD/JPY chart. If the price will break out again from the bottom, then the short position makes the most sense – with the SL above today’s maximum. At D1 chart the price is in the Kumo and should reach to its lower limit – that gives us about 300 pips range.
There is a possible buy signal at Looney. Price overtakes the cloud. If it closes there it will be a trend confirmation signal – so do not wait any longer then and open long positions. The long-term trend is upward which further enhances the potential longs.