USD/JPY: Ichimoku alalysis (May 30)
Tatyana Norkina, FBS analyst
Daily. As we expected, the pair retested the 102.00 figure before returning back to Tenkan-sen. This level created a support at 101.50. Despite the bearish indicator's signals, the picture is not so clear these days – prices stay in the sideways Tenkan-Kijun channel. Considering the strong support at 01.40-101.50, next week we expect the pair to stay at the same range.
Chart. Daily USD/JPY
H4. The pair sits at the lower border of the Cloud. Break below the 101.40 support will open the way to 101.20. Ichimoku indicator confirms the bearish market sentiment - descending Cloud, active "dead cross". The bulls will face problems when trying to break into the positive zone.
Chart. H4 USD/JPY