Red lines- bullish channel
USDJPY is breaking out of the bullish medium-term channel as price is making lower lows and lower highs. Recently we gave a short-term bearish signal as price was breaking down below the 4 hour Kumo. In terms of Ichimoku cloud indicator trend is now neutral. Support at the lower cloud boundary is at 138.17. Price has so far surpassed our target of 140 and this is a sign of weakness. A break below the Kumo will be a new bearish signal. There are increased chances that the entire rise from 108 is complete. This is the time for a pull back and retracement.
