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

USDJPY is under pressure once again. Price broke below the Kumo (cloud) last week providing a bearish signal at 143.15. Our analysis warned traders much sooner of the coming weakness in price, once we saw USDJPY breaking below the tenkan-sen and kijun-sen indicators back at 144.40-144.20.The week started with a bounce in price towards the cloud resistance but got rejected at the tenkan-sen (Red line indicator) at 143. The tenkan-sen remains below the kijun-sen (yellow line indicator), this is a bearish sign. Price remains well below the 4 hour Kumo (bearish) and the Chikou span (black line indicator) is also below the candlestick pattern (bearish). Trend is controlled by bears in the 4hour chart. So far there is no sign of a bottom or a reversal. USDJPY expected to move even lower.