01.11.202315:50 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on USDJPY for November 1st, 2023.

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USDJPY is trading around 151.30. Daily trend according to the Ichimoku cloud indicator remains bullish. After a couple high volatility days where price challenged the kijun-sen (yellow line indicator), USDJPY is still in a bullish trend well above the Daily Kumo (cloud). Initially USDJPY provided us with a sign of weakness when price pulled back below the tenkan-sen (red line indicator) and challenged the kijun-sen. Price bounced off the kijun-sen and gave us a new higher high. The RSI did not follow. The RSI provided a bearish divergence. The Chikou span (black line indicator) remains above the candlestick pattern (bullish). Technically a pull back is very probable but no sign of a reversal yet. Recent low at 148.80 is key short-term support that if broken will confirm the reversal. First downside target is the upper cloud boundary at 147.80.

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