Forex Ichimoku Trade Setup Nov. 16th
USDJPY – Daily Chart
After most likely forming a bottom, the pair is now attacking the Kumo for the first time since June of this year. We feel this could lead to a continued reversal and a Kumo break to the upside could give it some extra push and confirmation.
Looking at the chart, the 50% retracement of the last downmove lines up perfectly with a flat top. Should price break the Kumo to the upside, it has a good chance of gravitating towards this level and using it as a spring board for further gains. Look to see how price relates to the Kumo as any breaks will likely increase the possibility and confirmation of a bottom and reversal in place.
This is just some of the techniques and methods we use to trade the markets. If you are interested in learning these methods further, then make sure to check out our Advanced Ichimoku and Price Action Courses for further training where you can also join a community of traders and get permanent access to our forum for continual education. For more information about our services, visit https://2ndskiesforex.com
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