Technical Analysis on USDJPY

USDJPY Daily Timeframe

The pair USDJPY gives the impression that is trying to break the Kumo. This could be supported by the fact that the Tekan Sen and Kijun Sen seem to be in bullish formation, and the Chikou span above the price. The move could be captured by going down to the 1H timeframe and look for potential developing signals.

USDJPY 1H Timeframe

Based on the Ichimoku system, the price seems to be long and the cloud bullish on the 1H timeframe. In addition to this, the Tekan Sen and Kijun Sen are in bullish formation, and the Chikou span appears above the price. It might be considered important to notice that if the price retraced 50%-68% Fibonacci retracement level, then we could consider to start looking for developing long signals. Nevertheless, if the price moves below the Kumo, then we could consider looking for short signals in accordance with the Ichimoku rules.

Disclaimer: Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and education purposes. Personal Opinion of the Author does not represent and should not be construed as a statement or an investment advice made by TeleTrade. All Indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.

Risk Warning: Investment services are provided by TeleTrade-DJ International Consulting Ltd, a Cyprus Investment Firm under reg. number HE272810 operating in accordance with MiFID, under license 158/11 by the Cyprus Securities and Exchange Commission. Trading in leveraged derivative financial instruments carries a high level of risk and may not be suitable for all investors. Past performance is not a reliable indicator of future results. Indiscriminate reliance on informational or historical materials may lead to losses.