USD/JPY: weekly Ichimoku analysis
Tatyana Norkina, FBS analyst
Daily. The bulls failed to break above the lower Ichimoku border on the daily chart. At the second half of the week the bears entered the game, pulling below the Kijun support and lowering the exchange rate into the 101.20/101.30 area. As a result, the Ichimoku turned bearish and formed a dead cross.
Chart. Daily USD/JPY
H4. At the beginning of the week the pair traded inside of the Cloud. However, after another test of the upper border at 102.10 it became clear that there are no buyers left on the market. Price fix below the Tenkan and Kijun lines and a dead cross let the bears incease pressure and resume the downside. The Ichimoku indicator is now fully bearish. Break below the 101.20/101.30 support is just a matter of time.
Chart. H4 USD/JPY