FX.co ★ Ichimoku cloud indicator analysis on USDJPY for August 3rd, 2023.

USDJPY is in a bullish short-term trend according to the Ichimoku cloud indicator as price is above the 4 hour Kumo(clodu). However today price is showing some signs of weakness suggesting that more downside is possible. USDJPY has broken below the tenkan-sen (red line indicator) that provided support at 143.07. Price is vulnerable to a move lower towards the kijun-sen (yellow line indicator) at 141.38. Key support by the cloud is found at 139.85-140. A break below the kijun-sen will push USDJPY towards that level. The Chikou span (blue line indicator) remains above the candlestick pattern (bullish) but is turning lower. Support according to the Chikou span is found at 141.20. Traders should be cautious.