FX.co ★ Ichimoku cloud indicator analysis on USDJPY for August 23rd, 2023.

USDJPY is trading around 145.37. According to the Ichimoku cloud indicator, trend has changed to neutral as price has entered the Kumo (cloud). In our previous analysis we warned traders of the increased chances of a deeper pull back. Price has crossed below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The kijun-sen has also crossed below the tenkan-sen (bearish signal). The Chikou span (black line indicator) is now below the candlestick pattern (bearish). Resistance is found at 145.75. At this level we also find the upper cloud boundary. As long as we trade below this level, USDJPY will be vulnerbale to a move towards the lower cloud boundary at 144.05.