USDJPY is trading around 148 and remains in a bullish trend according to the Ichimoku cloud indicator in the Daily Chart. We use this indicator to identify key support levels that if broken will provide us with reversal signals. The tenkan-sen (red line indicator) provides support at 146.94 while the kijun-sen (yellow line indicator) at 146.20. A break below the tenkan-sen will open the way for a move lower towards the kijun-sen. Failure to hold above the kijun-sen will push price lower towards the weekly cloud at 142-143. The Chikou span (black line indicator) is above the candlestick pattern (bullish). According to the Chikou span support is at 144.85. So far on a weekly basis there is no sign of a reversal. The Daily chart remains 100% bullish.
