USD/JPY: Ichimoku analysis (Feb. 28)
Daily. Bears are increasing pressure on the market. During the past week the pair failed to break above resistance line provided by Kijun-sen. The prices returned to the lower border of the Ichimoku Cloud. By the end of the week the pair breached this support. Note that Kijun-sen went dramatically down. In the near term the downtrend is likely to resume. The Ichimoku Cloud is bearish as well – SSA turned down.
Chart. Daily USD/JPY
H4. At H4 the pair failed to hold above the Cloud and slid to the negative area in the second half of the week. Although the Cloud is bullish, all lines of the Indicator are set to decline. So, next week the prices will finally settle under the Cloud and selling will resume.
Chart. H4 USD/JPY