4 Dec 2013
EUR/JPY engaged in intraday battle, loss of H1 ichimoku cloud weighs
FXstreet.com (Bali) - EUR/JPY is going through a volatile session thus far, with the print of a new December low at 138.70 late in the US being immediately counter-challenged by varies rises towards 139.30/50.
The 'yo-yo' price action suggests greater participation by sellers after the ephemeral touch of 140.00 last Dec 3, however, any deep slide continues to find plenty of demand, indication that buyers remain very much committed to reinstate longs as part of the underlying bullish trend.
From an ichimoku standpoint, daily and H4 charts remain bullish as per price above the kumo cloud, however, an intraday battle is currently noted in lower timeframes (H1), with rates struggling to regain the top of the cloud. A warning sign for buyers should also be the leading kumo(future kumo cloud) having tuned bearish for the first time since Nov 28. That being said, there lower timeframe still shows little evidence suggesting the Yen bearish tide may turn.
The 'yo-yo' price action suggests greater participation by sellers after the ephemeral touch of 140.00 last Dec 3, however, any deep slide continues to find plenty of demand, indication that buyers remain very much committed to reinstate longs as part of the underlying bullish trend.
From an ichimoku standpoint, daily and H4 charts remain bullish as per price above the kumo cloud, however, an intraday battle is currently noted in lower timeframes (H1), with rates struggling to regain the top of the cloud. A warning sign for buyers should also be the leading kumo(future kumo cloud) having tuned bearish for the first time since Nov 28. That being said, there lower timeframe still shows little evidence suggesting the Yen bearish tide may turn.