USDJPY is trading above 136. Price has broken above the Daily Kumo (cloud) providing a new bullish signal. As we explained in previous posts, price was respecting channel support and a new upward move towards 137 was expected. In Ichimoku cloud terms price behavior today is bullish as price is above both the tenkan-sen and kijun-sen indicators as it breaks cloud resistance. The Chikou span (black line indicator) is also above the candlestick pattern (bullish). Support remains key at 133.50. USDJPY is in bullish mode as it approaches our first target of 137. Next target is at 141-141.50 if price breaks above 138.
