FX.co ★ Ichimoku cloud indicator analysis on USDJPY for July 27th, 2023.

USDJPY is trading around 140.73. Price remains above the Kumo (cloud) and is bouncing off cloud support despite the recent short-term downtrend it was in for the last few days. USDJPY is also breaking above the tenka-sen (red line indicator) as price is challenging the kijun-sen (yellow line indicator) at 140.70. Bulls want to see price bounce off cloud support and push above both the tenkan-sen and kijun-sen. The Chikou span (black line indicator) is trying to stay above the candlestick pattern (bullish). If the tenkan-sen crosses above the kijun-sen, then we will get a new bullish signal. As long as price is above the cloud, bulls are in control.