FX.co ★ Ichimoku cloud indicator analysis on USDJPY for July 31st, 2023.

USDJPY remains in a bullish trend as price remains above the Kumo (cloud). USDJPY is bouncing off the cloud support and is now making new higher highs. USDJPY is currently trading above 142.20 and has the potential to make new highs above 145.08. The tenkan-sen (red line indicator) is turning upwards and can very soon cross above the kijun-sen (yellow line indicator) and provide a new bullish signal. The Chikou span (blue line indicator) is still below the candlestick pattern (bearish) but is challenging the resistance. Currently price remains vulnerable to a pull back but trend is still bullish. There is no reversal signal yet.