FX.co ★ Ichimoku cloud indicator analysis on USDJPY for May 1st, 2023.

USDJPY continues it bullish momentum making new highs and reaching our first target of 137. Price recently broke out of the Kumo (cloud) resistance and provided a new bullish signal. As we explained in previous posts, USDJPY was making higher highs and higher lows and a break above 135.15 would signal the start of the next upward move towards 137. In Ichimoku cloud terms short-term trend is bullish. The Chikou span (black line indicator) is above the candlestick pattern (bullish) and the tenkan-sen (red line indicator) has crossed above the kijun-sen (yellow line indicator). All indicators in the Daily chart are bullish. As long as price is above 133.40 trend will remain bullish.