USD/JPY: Ichimoku analysis (Mar. 7)
Daily. Last week the bears didn’t find enough strength to continue the downtrend. The pair turned up from support in the 101.00 area and returned into the Cloud and recovering to the 103.00 handle. Note that there’s a strong resistance level at this point, which may force the prices to go down in the coming week. Tenkan and Kijun formed rather weak golden cross.
Chart. Daily USD/JPY
H4. At H4 the pair moved into the positive region. During the past week the Ichimoku indicator switched to the side of the bulls. So, Tenkan and Kijun formed a golden cross (C), and the Cloud turned bullish. However, Chinkou Span is in the overbought area, so the pair may soon correct to the level of Kijun-sen.
Chart. H4 USD/JPY