USD vs JPY

28 mag 2013

Price is finding resistance at the Kijun-Sen on this 4 hour time frame at the moment and within the thick Kumo cloud. With the Kijun flat-lining this is an indication that the medium term momentum is weakening although the short term momentum from the Tenkan-Sen is still slightly upwards. If price can not break this resistance of the Kijun expect price to re-test the Kumo bottom @ 100.933. A break of this level we could see some serious downside. Take note that on the daily time frame the pair is very much bullish as price is above the Kumo and has been since 10/17/2012. The short term and medium term momentum on the daily has flattened out represented by the Tenkan and Kijun. Could this pair be looking at some down time after a bullish run since last October? Well trends begin on the lower time frames and on this 4 hour time frame I see weakness in the pair. Have a great trading day and God bless!