USD/JPY: Ichimoku analysis (Mar. 14)
By Tatyana Norkina, FBS analyst
Daily. As expected, Japanese yen strengthened against the US dollar during the past week. The bulls didn’t manage to overcome resistance to the Ichimoku Cloud’s top. After an unsuccessful attack which took 3 days they decided to retreat. As a result, USD/JPY collapsed to the negative area. By the end of the week trading was in the 101.60 area, close to the February support. A breakout below this level is possible, but before that the prices can return to the Tenkan and Kijun lines.
Chart. Daily USD/JPY
H4. At H4 USD/JPY also fell below the Cloud. The situation has dramatically changed to downward. The dead cross of Tenkan and Kijun is in place, and that’s the reason to sell. The Ichimoku Cloud has become bearish. Next week we can expect continuation of the decline.
Chart. H4 USD/JPY
To contact the writer of this story: Tatyana Norkina at email@example.com