03.10.201920:42 Forex Analysis & Reviews: Ichimoku cloud indicator analysis of USDJPY

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USDJPY has pulled back towards the Daily cloud support. This is also important Fibonacci support area. In order for bulls to regain control of the short-term trend, we should see prices bounce from current levels and recapture 107.70.

USDJPY is challenging the upper Kumo (cloud) boundary. This is also the 38% Fibonacci retracement of the move up from 104.44. USDJPY bulls must recapture at least 107.15 fast in order to hope for more upside tomorrow above the next short-term resistance at 107.47. As long as bulls are unable to recapture those two levels, bears will remain in control and this pair vulnerable for a move towards 106.22 at least.

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