FX.co ★ Ichimoku cloud indicator analysis on USDJPY for July 6th, 2023.

USDJPY is in a neutral trend in the 4 hour chart according to the Ichimoku cloud indicator. At the beginning of the week we warned traders that a pull back at least towards the Kumo was imminent as price was showing signs of weakness. The tenkan-sen (red line indicator) has now crossed below the kijun-sen (yellow line indicator). The Chikou span (black line indicator) has broken below the candlestick pattern (bearish). Resistance is key at 114.16-144.25. As long as price is below these two indicators, USDJPY will be vulnerable to a move towards the lower cloud boundary around 143.15