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27.11.2023 03:49 PM
USDJPY is trading around 148.80. Today price is very close to entering the Daily Kumo (cloud) and turning trend from bullish to neutral. Price bounced off the cloud support and tested the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). USDJPY got rejected at the resistance and is now moving lower once again. The Chikou span (black line indicator) has crossed below the candlestick pattern (bearish). The tenkan-sen and kijun-sen indicators provide resistance at 149.30-149.55. As long as we trade below this resistance area, USDJPY will remain vulnerable to more downside.
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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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