USD/JPY: weekly Ichimoku analysis
Tatyana Norkina, FBS analyst
Daily. Demand for the JPY remains high. Golden cross and a bullish cloud didn't stop the bears from pulling down to 101.60. It is now clear that in the near term the price will consolidate in the 101.60-102.20 range, as the cross remains active. If the price fixes above the Cloud, new buyers may re-enter the game.
Chart. Daily USD/JPY
H4. Lower Ichimoku boarder has finally been broken to the downside. The Cloud narrowed and is ready to turn bearish. However, there is another point to watch - Chinkou Span is now in the overbought area, so the bears may meet significant support.
Chart. H4 USD/JPY