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Ichimoku Indicator

10.08.202322:42 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on USDJPY for August 10th, 2023.

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USDJPY is making new higher highs. Price is now trading above 144.50. According to the Ichimoku cloud indicator we remain bullish. The last bullish signal was given when price broke above the cloud at 142.50. With today's price action we have two more bullish signals by the Ichimoku cloud indicator. The first bullish sign is by the Chikou-span (black line indicator) that has broken above the candlestick pattern. The second bullish signal is when the tenkan-sen (red line indicator) crossed above the kijun-sen (yellow line indicator). Support by the cloud is at 142.85 and as we mentioned in a previous analysis, since price broke above 144, we should soon see the 145 level.

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