USD/JPY: Ichimoku analysis (Apr. 26)
Tatiana Norkina, FBS analyst
Daily. The pair traded within a corridor formed by Tenkan and Kijun on the daily timeframe. The bulls failed earlier this week to keep pushing the pair up due to the strong resistance formed by Kijun-sen at 102.60 and the lower boundary of the Cloud. Therefore, they were forced to retreat, which led to the depreciation of the currency pair to Tenkan-sen, in the 102.10 area. The uncertain situation persists, and the indicator lines are directed sideways.
Chart. Daily USD/JPY
H4. In 102.60-102.70 area the pair formed a powerful level of the upper boundary of Ichimoku Cloud, which also acted as a resistance to further growth of the pair. By the end of the week the pair drifted to the lower end. Tenkan and Kijun crossed forming a dead cross (C). In the near future USD/JPY may decline to the 101.70 area.
Chart. H4 USD/JPY