USD/JPY To rise despite below expectations NFP data?
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!
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!