Ichimoku cloud indicator analysis on USDJPY for July 7th, 2023.
July 7, 2023 2:22 pm
USDJPY is trading around 142.80 below the 4 hour Kumo. So far we have already had a 4 hour candlestick close below the cloud. This is a sign of weakness. Price back tested the cloud and is getting rejected once again. USDJPY is under pressure. The tenkan-sen (red line indicator) has crossed below the kijun-sen (yellow line indicator) and both have a negative slope. Both provide short-term resistance at 143.64-143.77. The Chikou span (black line indicator) has also crossed below the candlestick pattern (bearish). In the 4 hour chart all indicators are bearish according to the Ichimoku cloud system.
The material has been provided by InstaForex Company – www.instaforex.com
USDJPY is trading around 142.80 below the 4 hour Kumo. So far we have already had a 4 hour candlestick close below the cloud. This is a sign of weakness. Price back tested the cloud and is getting rejected once again. USDJPY is under pressure. The tenkan-sen (red line indicator) has crossed below the kijun-sen (yellow line indicator) and both have a negative slope. Both provide short-term resistance at 143.64-143.77. The Chikou span (black line indicator) has also crossed below the candlestick pattern (bearish). In the 4 hour chart all indicators are bearish according to the Ichimoku cloud system.
The material has been provided by InstaForex Company – www.instaforex.com
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