USDJPY Technical Analysis 2015, 11.01 - 18.01: Correction bu Breakdown on Open Bar - page 2

[Sergey Golubev]

newdigital:

D1 price is on primary bullish with the secondary correction started on open bar:

• The price is located to be close to Sinkou Span A line for possible reversal to the bearish in the future
• Chinkou Span line is crossing the price from above to below on open bar for correction to be started
  
• Nearest support level is 118.05
  
• Nearest resistance level is 120.74
  

W1 price is on primary bullish with the correction started in the middle of December last year.

MN price is on bullish market condition which was stopped by 121.83 resistance.

If D1 price will break 118.05 support level so the bearish breakdown will be continuing
If D1 price will break 120.74 resistance level so it will be the market rally
If not so we can see the flat within the bearish market condition.

• Recommendation for long: watch D1 price to break 120.74 resistance for possible buy trade
• Recommendation to go short: watch D1 price to break 118.05 support level for possible sell trade
  
• Trading Summary: bullish
  

This is end-of-week update:

• D1 price broke 118.05 support
• Chinkou Span line crossed the price from above to below on close D1 bar
• Price broke Sinkou Span A line and cxame to inside Ichimoku cloud/kumo
  

So, it means the following: D1 price was reversed from primary bullish to the primary bearish market condition. If the price is inside kumo so we can expect the secondary ranging.