USD/JPY: Ichimoku analysis (Dec. 13)
Daily. USD/JPY set new highs of the year by rising to 103.90. The picture at the daily chart looks quite bullish: all lines of the indicator went up, and this is despite the fact that the market is overbought. The next targets of the bulls may lie at 105.00 or even 106.80.
Chart. Daily USD/JPY
H4. The pair’s advance, however, wasn’t fast enough. During the week the prices fell to the upper boundary of the Cloud, unable to overcome resistance at 103.30. However, the bulls managed to stay in the positive zone, and in the second half of the week USD/JPY was only rising. Now all the indicator lines are directed upwards. This means the buyers’ superiority. Perhaps the recovery will continue.
Chart. H4 USD/JPY