USD/JPY: weekly Ichimoku analysis
Tatyana Norkina, FBS analyst
Daily. Bears returned to the market after a test of the horizontal Kijun line at 102.00. The pair lost more than one figure during the week, hitting 101.00. As a result, the bearish trend could extend. The indicator is supporting this idea: the Cloud widens to the downside, Tenkan and Kijun lines formed a dead cross.
Chart. Daily USD/JPY
H4. The H4 picture has also turned bearish as the pair failed to hold in the positive area. Sales resumed from the beginning of the new week. As a result, the price fixed below the Cloud. Tenkan and Kijun-sen formed a dead cross. At the same time, note that the 101.00 support is rather strong. Given the oversold market conditions, we expect a consolidation at the current levels before a new dip to the 100.80 support.
Chart. H4 USD/JPY