Technical analytics

Ichimoku cloud indicator analysis of USD/JPY

USDJPY

The US dollar decline stalled at 108.00. Buyers met the pair here and started to build a recovery. They moved the major to the 108.30 area first, and then extended recovery to 108.50 where it stayed till the morning.


The spot is still in the Ichimoku cloud. The Tenkan-Sen and the Kijun-Sen are at 108.30, acting as an additional resistance. The Chikou Span is somewhere in the 108.20 area. The Kijun-Sen and the Tenkan-Sen are neutral, while the Chikou Span is moving downwards. The Ichimoku cloud is moving south. MACD traded to the downside, reflecting the strength of sellers. The resistance lies at 108.50, the support is at 108.00.


If buyers want to maintain the dominate positions they would need to overcome the 108.50 hurdle which would open the doors to 109.00, en route to 109.70.


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