20.11.202318:44 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on USDJPY for November 20th, 2023.

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USDJPY is trading around 148.40. Price has broken below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator) and is now challenging the Daily Kumo (cloud) support. We warned in previous posts that USDJPY was vulnerable to a pull back. The Chikou span (black line indicator) has turned bearish as its value has fallen below the candlestick pattern. The tenkan-sen is very close to crossing below the kijun-sen. This would be an added sign of weakness. A daily close below the upper cloud boundary would turn trend to neutral from bullish. Next major support is at 145.85.

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