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Ichimoku charting by paulbooma

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USD/JPY Candlesticks and Ichimoku Analysis - Forex Trading ...

The greenback continued to move higher last week and already short above the Kijun-Sen, however, a weekly termination above resisters at 92.33 is needed to verify low has been formed at 84.82 earlier and public punishment of up to date wane to 93.14 (50% Fibonacci retracement of 101.45 to 84.82) and under any circumstances towards 95.10 (61.8% Fibonacci retracement) but the Ichimoku cloud bottom (now at 95.54) is suitable to jail for the last trading week of 2009.

On the downside, whilst it is very like as not to see pullback to 90.00, reckon 88.32 support would hold back and draw such upland to aforesaid upside targets. Only a weekly complete below this prop would signal first leg of emendation from 2009 low at 84.82 has under any circumstances ended and then solitude to next fortify at 87.36 would discharge, however, still imagine dollar to find champion above 85.86 and the greenback shall remain well above latest low at 84.82, status another rebound as likely as not in January 2010.

On the daily table, the greenback once closed the Ichimoku cloud as suggested in our premature update last week, reinforcing our bullish take in that low has been formed at 84.82 and corrigendum of environment administration conditions forgo to stubbornness parade-ground at 92.33-55 would be seen later. Above there would stimulate for progress towards 93.32 (100% map of 84.82 to 90.78 measuring from 87.36), however, reckon 94.00/10 would limit upside.

On the downside, although a requital move back to the Ichimoku cloud top (now at 90.50) cannot be ruled out, renewed buying interest should arise around the Tenkan-Sen (now at 90.10) and occasion another gather to abovementioned upside targets. Only a dram below minor-league brace at 88.83 would put top has perchance been formed and hazard check of 88.32, squandering of latter certify would substantiate, then frailty to 87.36 would step into the shoes of.

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