Ichimoku cloud indicator analysis on USDJPY for November 3rd, 2023.

03.11.2023 06:20 PM

Ichimoku cloud indicator analysis on USDJPY for November 3rd, 2023.

USDJPY is under pressure for a third day in a row. Price yesterday first tested the tenkan-sen (red line indicator) and briefly moved below it. Yesterday's close was above it. Today USDJPY is breaking below the tenkan-sen and the kijun-sen (yellow line indicator). A daily close below 149.55 is a major sign of weakness and usually a pull back towards the Kumo (cloud) follows. The Chikou span (black line indicator) is challenging the candlestick pattern. It is very close to breaking below it. This would change the indicator from bullish to bearish. Concluding in the Daily chart of USDJPY we have several warning signs that suggest that USDJPY is vulnerable to the downside. First pull back target is the cloud support at 147.80.

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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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