Pixie,
These are just my simplistic technical readings of the Ichimoku charts, they are not based on interpretations of any macro-economic events.
The daily Ichimoku chart below shows the usd/jpy pair has had a fantastic run up since aboublownly Aug 2014.
If we flip over to a lower time frame, say, a 4 Hourly chart, in the highlighted area, we see that the green and red lines have turned flat, signalling price is in short term consolidation. That big blue candle with a long top wick was indicating some selling pressure.
If I am in an open Long position and sitting on some juicy fat profits, I could either take some profits off the table, or close my Long position, and wait for the chart to show me where Price is heading next.
Not an advice, just my opinions. I am an amateur.
)))) yes i picked some pips as well on a way up...problem is i have tiny account so no room to cover the swings and i close my contracts much too soon. I should let them run a bit longer when ahead
