MartinScull

USD/JPY To rise despite below expectations NFP data?

FX:USDJPY   미국 달러 / 일본 엔
Hi traders, so just something I've been watching for a while now. The Andrews Pitchfork study stretches back to 06/11/2017 and its desent through the ichimoku cloud signalling a new bearish trend began at the start of 2018. Fast forward to this past week and we can see a strong break above the Kijun base line, a slight retrace, then a bullish hammer formation before the week ended with a test of the cloud resistance and a NFP miss.

This all links into the recent divergence printed by RSI against price and with the FED insisting rate hikes will continue this year, could we be set for a reversal of trend and a break above the ichimoku cloud? Keep you're eyes on the week ahead for risk events, notably Wednesday's US CPI data releases.

Please note, the chart is a daily one so look for entry/exit on a lower time frame,

Happy trading!

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