USD/JPY: Ichimoku analysis (Feb. 21)
By Tatyana Norkina, FBS analyst
Daily. During the past week the pair has been trading inside the Ichimoku Cloud. The Cloud’s lower border twice supported the market and bears couldn’t get into the negative zone. As a result, prices returned to the Kijun-sen and may be trying to break higher. Note that all indicator lines are currently directed sideways. It means the sideways market conditions. At the same time, the cloud is bearish nature and there’s a dead cross in place.
Chart. Daily USD/JPY
H4. Sideways trend is also confirmed at H4. Here the pair’s trading inside the Ichimoku Cloud. Judging by Tenkan and Kijun, the bulls are serious about restoring the prices to the upper boundary of the Cloud. However, Senkou Span A and Senkou Span B are not in a hurry to change the character of the Cloud. Therefore, even if the pair tests 102.90/103.00, it will be difficult for the bulls to hold at the conquered levels.
Chart. H4 USD/JPY