1) Price action rejected from the Fibonacci 50% retracement zone of the long-term downtrend that started on 21Nov2014.
2) Regular bearish divergence with RSI, which just crossed below the 50 line.
3) last daily candlestick broke short-term support line.
As far as pacific currencies are concerned and moreover JPY I always check Ichimoku for confirmation.
For the time being H4 is OK but we lack confirmation on daily and weekly.
On the daily price action just stopped on the upper Kumo bound and Chikou Span is borderline close to cross historic prices.
On the weekly the closing is right on Tenkan Sen.
A clear break below those two would give a much better outlook to the short scenario.
2) Regular bearish divergence with RSI, which just crossed below the 50 line.
3) last daily candlestick broke short-term support line.
As far as pacific currencies are concerned and moreover JPY I always check Ichimoku for confirmation.
For the time being H4 is OK but we lack confirmation on daily and weekly.
On the daily price action just stopped on the upper Kumo bound and Chikou Span is borderline close to cross historic prices.
On the weekly the closing is right on Tenkan Sen.
A clear break below those two would give a much better outlook to the short scenario.
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Checking another chart, daily MACD has also crossed below the signal line adding one more element in favor of the contination of the downward move.
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For those using Bollinger Bands last daily candlestick closed well below the middle band, another bearish signal to add on the list...
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