Clutching At Straws – It’s The Ichimoku FAT HOPE In USDJPY
The Ichimoku cloud hangs like a shroud over the USDJPY.
It is a fool’s errand to run on the Ichimoku when the USDJPY has become a proxy for the risk on trade and consequently, the S&P 500. Yet sellers beware, the 3rd or is it 5th arrow is yet to be drawn.
So this fool here has been religiously following the Ichi charts and commentaries courtesy of Japanese trading desks.
Screaming for 103.50 and then reaffirming the trend for 103.50. The 110 target that the private banks had sent out last month, quietly ignored as they increase the spam on the Long Equity trade (no mention of Sony these days after the no-go on the spin off).
Last week, the traders caved in. Last Wednesday, spotted a bearish Doji. Great ! But you would have died on the rally to 100 on Thursday.
Its time to go back to the good old Bollinger bands.