FX.co ★ Ichimoku cloud indicator analysis on USDJPY for August 17th, 2023.

USDJPY is trading around 146.07. Technically trend remains bullish as price continues making higher highs and higher lows. Today we use the Ichimoku cloud indicator in the 4 hour chart in order to identify key support levels that if broken will provide reversal signals. Currently price is trading right around the tenkan-sen (red line indicator) that provided the first support level at 145.95. The kijun-sen (yellow line indicator) provides support at 145.50. This is the most important short-term support level. A break below this level will open the way for a bigger pull back towards the Kumo (cloud) support at 144.15. The Chikou span (blue line indicator) is above the candlestick pattern (bullish) suggesting that support is at 145. The RSI has made a dip from overbought levels but this alone is not enough to call a top. Bulls remain in control of the trend.