Fundamental analysis

Ichimoku cloud indicator analysis on USDJPY for November 3rd, 2022.

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Red lines- bullish channel

USDJPY is trading around 148.20. Trend remains bullish according to the Ichimoku cloud indicator as price remains above the Kumo (cloud). For the past 13 moths USDJPY has been trading above the Kumo respecting cloud support and making higher highs and higher lows inside a bullish channel. Over the last few weeks we see USDJPY testing the kijun-sen (yellow line indicator). This is the most important short-term support. This support is at 147.75. A break below this level will increase chances of a pull back towards the Kumo at 142. The Chikou span (black line indicator) is above the candlestick pattern confirming bullish trend. So far any pull back is considered just a pause to the up trend. Bulls remain in full control of the trend.

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