Sigma Forex News presents: The Japanese authorities must be looking on smugly as we trade ten Yen above the scary and psychological barrier at 100.00. It has now retraced half of the precipitous declines from June last year to March this year, and reached the weekly Ichimoku ‘cloud’. Once again we shall be watching for signs of stalling at this important long term pivotal area. You can download our platform The corrective rally since March’s low is mature, both in terms of distance travelled and time, and the US dollar is very overbought. Here, and in a series of other major currencies against the USD we shall be watching weekly candles for confirmation of an interim top/bottom/’spike high/low’. A ‘doji’ weekly candle is probably more likely here and clearer reversal ones in other majors.
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