FX.co ★ Ichimoku cloud indicator analysis on USDJPY for June 7th, 2023.

USDJPY is trading around 139.37. In the Daily chart the Ichimoku cloud indicator continues to consider trend bullish as price remains well above the Kumo (cloud). However price behavior suggests that USDJPY might be vulnerable to a pull back. USDJPY is trading below the tenkan-sen (Red line indicator). The longer price stays below the tenkan-sen (139.70) the higher the chances for a move lower towards the kijun-sen (yellow line indicator) at 137.23. The Chikou span (black line indicator) remains above the candlestick pattern (bullish) but negative slope. Support is found at the kijun-sen at 137.23 and a break below this level will open the way for a move towards 134.80-135 where we find the Daily Kumo.