USDJPY is trading around 134. Price is inside the Daily Kumo (cloud). According to the Ichimoku cloud indicator, trend is neutral. Price tested the upper cloud boundary and got rejected. The resistance by the cloud at 134.50 remains intact. Bulls were unable to break above it. Support by the lower cloud boundary is found at 132.58. As long as price is above this level, bulls have hopes for another move higher. The tenkan-sen (red line indicator) is crossing above the kijun-sen (yellow line indicator). This is a bullish sign. Price is also holding above both the tenkan-sen and kijun-sen. The Chikou span (black line indicator) is below the candlestick pattern (bearish) but very close to breaking above it. USDJPY is in a critical junction. Bulls need to show some more signs of strength in order for a trend change to occur and price can then move towards 137. Weakness in price will imply that new 2023 might lie ahead.
