23.11.202317:21 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on USDJPY for November 23rd, 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USDJPY is trading around 149.62. Price pulled back towards the Daily Kumo (cloud) and found support. Price is now bouncing off the cloud support towards the kijun-sen (yellow line indicator) and the tenkan-sen (red line indicator). Both indicators are found around 149.55. Bulls need to stay above this level. A daily close below this level will put USDJPY in danger of a move lower towards the cloud support again. The Chikou span (black line indicator) has broken below the candlestick pattern (bearish). Cloud support is at 148.83 and as long as we trade above this level, bulls are in control. Traders need to watch out for potential rejection at 149.55. If USDJPY forms a lower high and re-enters the cloud, this would be a bearish signal increasing the chances of a major reversal.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.