90
Trader, analyst and instructor with a 6-year experience

USD/JPY: Ichimoku analysis (Jan. 10)

Daily. The currency pair rose to the 105.00, and then the players finally started to fix their positions. This led to a dip inside the Tenkan-Kijun channel. However, in the second half of the week the bulls quickly returned the pair back to the positive region. This made it possible to maintain the upward trend: the effect of the golden cross (C) wasn’t cancelled, the Ichimoku cloud remained bullish. At the same time, almost all lines of the indicator are directed sideways. This may mean a long consolidation ahead. The ability of the pair to rise above 105.00 is open to question.

Chart. Daily USD/JPY

H4. Resistance at 105.00 is very clearly manifested on H4. The pair’s consolidating under the lower bound of the Ichimoku Cloud for a long time. Since Senkou Span A is rather weak in the set of the indicator, the pair’s inability to overcome this level indicates the weakness of the bulls. The currency pair may decrease to 104.60/50 area.

Chart. H4 USD/JPY

Tatyana Norkina, FBS analyst

JPY
Scroll to top