Ichimoku cloud indicator analysis on USDJPY for August 30th, 2023.
August 30, 2023 4:24 pm
USDJPY is trading around 145.85. Price yesterday closed below the tenkan-sen (red line indicator) in the daily chart. This is a first warning sign that a possible reversal is close. Price formed a lower high today and a new lower low. Short-term support is found at 145.35 and a break below this level will open the way for a bigger decline towards the kijun-sen (yellow line indicator) support at 142.73. Despite the higher high in price yesterday, the RSI formed a lower high. The chances for a pull back towards cloud support have increased. The upside potential we believe is limited. At current levels we prefer to be neutral if not bearish.
The material has been provided by InstaForex Company – www.instaforex.com
USDJPY is trading around 145.85. Price yesterday closed below the tenkan-sen (red line indicator) in the daily chart. This is a first warning sign that a possible reversal is close. Price formed a lower high today and a new lower low. Short-term support is found at 145.35 and a break below this level will open the way for a bigger decline towards the kijun-sen (yellow line indicator) support at 142.73. Despite the higher high in price yesterday, the RSI formed a lower high. The chances for a pull back towards cloud support have increased. The upside potential we believe is limited. At current levels we prefer to be neutral if not bearish.
The material has been provided by InstaForex Company – www.instaforex.com
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