FX.co ★ Ichimoku cloud indicator analysis on USDJPY for May 5th, 2023.

USDJPY is trading around 135 after making a low yesterday at 133.51. In Ichimoku cloud terms trend remains bullish as price is still above the Daily Kumo (cloud). Price tested the kijun-sen (yellow line indicator) yesterday and bulls have managed to keep price above it. A daily close below the kijun-sen (134.22) would be a sign of weakness and would push price lower towards the Kumo at 133. Resistance by the tenkan-sen (red line indicator) is found at 135.41. The Chikou span (black line indicator) is above the candlestick pattern (bullish). Despite the short-term weakness we saw over the previous three trading sessions, it now looks like USDJPY is reversing to the upside after bouncing off support.