Ichimoku cloud indicator analysis on USDJPY for August 9th, 2023.
August 9, 2023 3:24 pm
USDJPY is trading around 143.59 making new highs relative to yesterday. Price is above the Daily Kumo (cloud). According to the Ichimoku cloud indicator, trend is bullish. The tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator) provide support at 141. USDJPY is very close to making new higher highs above the August 3rd high. The Chikou span (blue line indicator) is below the candlestick pattern (bearish) but very close to challenging it. Breaking above the candlestick pattern would be an added sign of strength. The tenkan-sen is also very close to crossing above the kijun-sen. If this happens, this will be an added bullish sign as well. Support by the cloud is found at 142.50. Bulls need to hold price above the cloud in order to maintain control of the short-term trend.
The material has been provided by InstaForex Company – www.instaforex.com
USDJPY is trading around 143.59 making new highs relative to yesterday. Price is above the Daily Kumo (cloud). According to the Ichimoku cloud indicator, trend is bullish. The tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator) provide support at 141. USDJPY is very close to making new higher highs above the August 3rd high. The Chikou span (blue line indicator) is below the candlestick pattern (bearish) but very close to challenging it. Breaking above the candlestick pattern would be an added sign of strength. The tenkan-sen is also very close to crossing above the kijun-sen. If this happens, this will be an added bullish sign as well. Support by the cloud is found at 142.50. Bulls need to hold price above the cloud in order to maintain control of the short-term trend.
The material has been provided by InstaForex Company – www.instaforex.com
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