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 about early 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.
