Ichimoku cloud indicator analysis on USDJPY for July 26th, 2023.
July 26, 2023 1:25 pm
USDJPY is trading around 140.36. Price is under pressure after making a high around 141.97 last week. Price broke above the Kumo (cloud) resistance in the 4 hour chart providing a bullish signal. However price is lower now back testing the cloud support. Price is challenging the upper cloud boundary. Bulls do not want to see price break inside the cloud. This will turn trend to neutral. Price is currently below the kijun-sen (yellow line indicator). The kijun-sen provides resistance at 140.55. The tenkan-sen (red line indicator) provides resistance at 140.97. Bulls need to recapture these two levels in order for the bullish momentum to strengthen. The Chikou span (black line indicator) remains above the candlestick pattern with support at 139.45. The picture in USDJPY is mixed. A bounce off the cloud support and a break above 141 would be a sign of strength.
The material has been provided by InstaForex Company – www.instaforex.com
USDJPY is trading around 140.36. Price is under pressure after making a high around 141.97 last week. Price broke above the Kumo (cloud) resistance in the 4 hour chart providing a bullish signal. However price is lower now back testing the cloud support. Price is challenging the upper cloud boundary. Bulls do not want to see price break inside the cloud. This will turn trend to neutral. Price is currently below the kijun-sen (yellow line indicator). The kijun-sen provides resistance at 140.55. The tenkan-sen (red line indicator) provides resistance at 140.97. Bulls need to recapture these two levels in order for the bullish momentum to strengthen. The Chikou span (black line indicator) remains above the candlestick pattern with support at 139.45. The picture in USDJPY is mixed. A bounce off the cloud support and a break above 141 would be a sign of strength.
The material has been provided by InstaForex Company – www.instaforex.com
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