Ichimoku Forex / Currency : Long Term CADJPY 8-15-12

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We have been tracking CADJPY since its lows in June and as you can see by the light blue line it has been uptrending since its low. We have recently broke thru the Daily Kumo Cloud and we believe its time to begin taking a position in the cross. We recently entered 1 unit on the pullback to the Daily Tenken San(Red Line @ 78.60) We do plan on adding to the position on pullbacks. On a Fundamental analysis we believe that the economic dynamics in Japan are deteriorating. The BOJ minutes showed an increasing willingness to do more Quantitative easing. In addition GDP numbers printed under expectations earlier this week, signaling a slow down. Top that off with an increase in consumption taxes and it doesn’t make for an rosey economic outlook. The 2 green horizontal lines are an area to get long. We would want the light blue uptrend line to hold. In addition a break of the Weekly Kijun Sen(not shown) at 79.68 would further confirm a Long Term Bullish move and constitute a potential add on.

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