USDJPY continues it bullish momentum making new highs and reaching our first target of 137. Price recently broke out of the Kumo (cloud) resistance and provided a new bullish signal. As we explained in previous posts, USDJPY was making higher highs and higher lows and a break above 135.15 would signal the start of the next upward move towards 137. In Ichimoku cloud terms short-term trend is bullish. The Chikou span (black line indicator) is above the candlestick pattern (bullish) and the tenkan-sen (red line indicator) has crossed above the kijun-sen (yellow line indicator). All indicators in the Daily chart are bullish. As long as price is above 133.40 trend will remain bullish.
