USD/JPY: Ichimoku analysis (Jan. 24)
Daily. This week the pair didn’t manage to hold in the positive area. Bears began an active attack, and support of Tenkan and Kijun failed. USD/JPY slipped to support near 103.00. The lines have already started forming a dead cross, which probably means a start of corrective decline. The first goal of the bears may be at the upper limit of the Cloud.
Chart. Daily USD/JPY
H4. The pair failed above the Ichimoku Cloud, despite the relatively long consolidation above Senkou Span A. Now the situation has dramatically changed. Tenkan and Kijun directed are downwards (C), the Cloud has turned bearish. Obviously, after testing levels Tenkan and Kijun we should expect stronger bearish pressure. The pair may renew the recent lows.
Chart. H4 USD/JPY
Tatyana Norkina, FBS analyst