July 13, 2021 10:13 am
USD to JPY Trading Analysis 13-07-21:
USDJPY is trading at 110.36; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 110.70 and then resume moving downwards to reach 109.05. Another signal in favor of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 111.25. In this case, the pair may continue growing towards 112.05. To confirm further decline, the asset must break the rising channel’s downside border and fix below 110.05.