FX.co ★ Ichimoku cloud indicator analysis on USDJPY for August 8th, 2023.

USDJPY is trading around 143.32. Price is above the Daily Kumo (cloud). According to the Ichimoku cloud indicator trend is bullish. Price continues to trade above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The recent pull back into the cloud provided a warning to bulls, but support at 141 was held. Bulls managed to hold above the tenkan-sen and kijun-sen. The upper cloud boundary is at 142.48. Bulls need to defend this level. The Chikou span (blue line indicator) is below the candlestick pattern (bearish) but with a positive slope challenging resistance at 144. If bulls manage to push price above 144 then a move above 145 will most probably follow.