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USD/JPY: Ichimoku analysis

Daily. Resistance at 98.60, as we had said earlier, didn’t let USD/JPY get to positive territory. In this the bulls quickly began to leave the market making the currency pair slide towards recent lows. Now USD/JPY is trading in the 97.30 area, but the lows may soon be renewed as the price is fixing under Tenkan and Kijun (C). The latter will form a dead cross, which will only exacerbate the bearish mood of the players. There is some ambiguity with the lines Senkou Span A and Senkou Span B: despite the bearish nature of the cloud, they continue going up.

Chart. Daily USD/JPY

H4. The situation at H4 may also change to bearish. Note that the Tenkan and Kijun formed a dead cross, and the Cloud will soon become bearish as the Senkou Span A is very close to the Senkou Span B. The first objective of the bears will be at 97.00. Then after the cloud becomes bullish, sellers will increase pressure and the bears will renew October lows.

Chart. H4 USD/JPY

Tatyana Norkina for FX BAZOOKA

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