Technical Analysis – USDJPY finding resistance at Ichimoku Cloud
October 3, 2013 8:29 am
USDJPY is finding resistance at the Ichimoku cloud and is currently trading below 97.85 yen in early European session trading on Thursday.
Tenkan-Sen and Kijun-Sen remains negatively aligned.
The pair bounced off Wednesday’s low of 97.13 but the short term downside bias prevails and selling on rallies could be a good strategy to target support at 97.23.
A move above 98.30 would cancel today’s bearish bias.
The pair is finding support at 97.60 RSI and stochastics are up but wait for technical indicators to give clearer reversal signals.
USDJPY is finding resistance at the Ichimoku cloud and is currently trading below 97.85 yen in early European session trading on Thursday.
Tenkan-Sen and Kijun-Sen remains negatively aligned.
The pair bounced off Wednesday’s low of 97.13 but the short term downside bias prevails and selling on rallies could be a good strategy to target support at 97.23.
A move above 98.30 would cancel today’s bearish bias.
The pair is finding support at 97.60
RSI and stochastics are up but wait for technical indicators to give clearer reversal signals.
USDJPY 1H chart
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