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Market Overview
USDJPY Technical analysis
Technical Overview
The technical analysis of the YEN is supported by the fundamentals for a potential bullish momentum.
For the time being, USDJPY is presenting a strong downtrend, supported by the confirmed bearish Kumo break out. Kijun Sen and Tekan Sen Chikou spans are out of the Kumo which could be another indication that the downtrend might continue.
The Chikou span is out of the price with no signs of weakening for now, and the cloud is holding strong to the downside.
Potential signals for entry could be the bounce back on Kijun Sen and sell the reversal.
Another potential signal could be the cross of Tekan Sen and Kijun Sen or the price bounce on the cloud Span A.
Now, to refine our potential entry we should look at the 1h timeframe for a reversal to the upside and wait for the price to go back, below the Kumo so that to have a potential valid Kumo breakout to the downside.
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