FX.co ★ Short-term Ichimoku cloud indicator analysis of USDJPY for August 28, 2020

USDJPY remains in a bearish trend trading below the Ichimoku cloud. Resistance by the cloud has been confirmed twice as price got rejected each time it touched the Kumo (cloud). Price is now again below both the tenkan-sen and kijun-sen pushing price on the lowest weekly close in the last 24 weeks.

106.50 remains key resistance for the short- and medium-term trend. Support is found at 105 and next at 104. Staying below 106 is key for the short-term trend. As long as price is below 106 we continue to expect a move below 104.

A weekly close above 106.50 would be a bullish sign.