FX.co ★ Ichimoku cloud indicator analysis on USDJPY for May 10th, 2023.

USDJPY is in a bearish trend according to the Ichimoku cloud indicator in the 4 hour chart. Price remains below the Kumo (cloud) and is vulnerable to a move lower. With price currently trading at 135.35, a rejection at the cloud resistance would be a bearish sign. A rejection at the cloud resistance will bring a pull back at least towards the kijun-sen (yellow line indicator) at 134.48. This is the short-term support according to the Ichimoku cloud indicator. The Chikou span (black line indicator) is trading above the candlestick pattern (bullish), but this is not a strong indication as long as price is below the cloud. If price breaks above the cloud and the chikou span remains above the candlestick pattern, then it will have a stronger significance.