USD/JPY: Ichimoku analysis (Nov. 8)
Daily. USD/JPY can’t stop swinging. During the whole past week the bulls tried to break into positive territory. Never the less, resistance provided by the upper boundary is still relevant. Moreover, pay particular attention to the nature of the Cloud which still indicates that long-term longs are premature. Given the nature of trading in recent days, when the pair once again fallen under the Cloud, we assume that the lateral trend will continue further. So at this point it makes sense to refrain from making trading decisions.
Chart. Daily USD/JPY
H4. Positive Ichimoku indicator on H4 can change to the opposite, because on Thursday the pair sharply fell to the bottom of the Ichimoku cloud (97.75). At the time of writing USD/JPY was trading inside the Cloud. All lines of the indicator went sideways indicating a high likelihood of a flat. The nearest support level is at Senkou Span B (97.75).
Chart. H4 USD/JPY
Tatyana Norkina for FBS