Ichimoku cloud indicator analysis on USDJPY for August 31st, 2023.
August 31, 2023 4:26 pm
USDJPY is trading around 145.57. As we mentioned in our analysis yesterday price is vulnerable to a move lower as it has broken below the tenkan-sen (red line indicator). Price yesterday broke also below the kijun-sen (yellow line indicator) and tested the cloud in the 4 hour chart. The tenkan-sen has crossed below the kijun-sen providing another sign of weakness. Key support is at 145.35-145.45 where we find the 4 hour Kumo. A break below this level will turn short-term trend to bearish. The Chikou span (black line indicator) is currently below the candlestick pattern (bearish). Resistance is found at 146 and 146.43. USDJPY can soon provide a trend change signal if it fails to hold 145.35-145.45 level. This will lead to a bigger decline as we explained in our previous post.
The material has been provided by InstaForex Company – www.instaforex.com
USDJPY is trading around 145.57. As we mentioned in our analysis yesterday price is vulnerable to a move lower as it has broken below the tenkan-sen (red line indicator). Price yesterday broke also below the kijun-sen (yellow line indicator) and tested the cloud in the 4 hour chart. The tenkan-sen has crossed below the kijun-sen providing another sign of weakness. Key support is at 145.35-145.45 where we find the 4 hour Kumo. A break below this level will turn short-term trend to bearish. The Chikou span (black line indicator) is currently below the candlestick pattern (bearish). Resistance is found at 146 and 146.43. USDJPY can soon provide a trend change signal if it fails to hold 145.35-145.45 level. This will lead to a bigger decline as we explained in our previous post.
The material has been provided by InstaForex Company – www.instaforex.com
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