Ichimoku cloud indicator analysis on USDJPY for May 8th, 2023.
May 8, 2023 9:24 pm
USDJPY is starting the week on a positive note after testing successfully last week the kijun-sen (yellow line indicator). Price continues to bounce higher off the kijun-sen support at 134.22. In Ichimoku cloud terms, trend remains bullish as price is still above the Kumo (cloud). Cloud support is at 133. A break below the kijun-sen will open the way for a move towards the cloud support. Resistance is at 135.41 where we find the tenkan-sen (red line indicator). The chikou span (black line indicator) remains above the candlestick pattern (bullish). This week we focus on two key trading levels, the resistance at 135.41 and the support at 134.22. A daily close above resistance or below support would provide us with a new trading signal.
The material has been provided by InstaForex Company – www.instaforex.com
USDJPY is starting the week on a positive note after testing successfully last week the kijun-sen (yellow line indicator). Price continues to bounce higher off the kijun-sen support at 134.22. In Ichimoku cloud terms, trend remains bullish as price is still above the Kumo (cloud). Cloud support is at 133. A break below the kijun-sen will open the way for a move towards the cloud support. Resistance is at 135.41 where we find the tenkan-sen (red line indicator). The chikou span (black line indicator) remains above the candlestick pattern (bullish). This week we focus on two key trading levels, the resistance at 135.41 and the support at 134.22. A daily close above resistance or below support would provide us with a new trading signal.
The material has been provided by InstaForex Company – www.instaforex.com
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