FX.co ★ Ichimoku cloud indicator analysis of USDJPY

USDJPY has pulled back towards the Daily cloud support. This is also important Fibonacci support area. In order for bulls to regain control of the short-term trend, we should see prices bounce from current levels and recapture 107.70.

USDJPY is challenging the upper Kumo (cloud) boundary. This is also the 38% Fibonacci retracement of the move up from 104.44. USDJPY bulls must recapture at least 107.15 fast in order to hope for more upside tomorrow above the next short-term resistance at 107.47. As long as bulls are unable to recapture those two levels, bears will remain in control and this pair vulnerable for a move towards 106.22 at least.