Tuesday, May 29, 2007

Hello! This is Daily EURJPY chart - hard to decide here as indicators are not in their extreme values and also the price is in the middle of the upward channel..

Trendline analysis tells me the steeper uptrend was broken - now we have a consolidation channel where the direction is still on the upside but the momentum is slightly waning...

MACD is coming down but notice the red line (MACD) is closing on the Signal line as if it wants to cross it back to the upside.. Historigram is supporting this scenario.

Directional Movement (9) is however still looking for the downside with the +DI pointing lower and the spread increasing... I assume if we have a close and open higher than 163.80 it might signal a move above the 164 psychological line..

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