FX.co ★ Ichimoku cloud indicator Daily analysis of USDJPY

The USDJPY has stopped its decline from 110.30 to 108.90. Price the last three days is moving around 109. There is no progress to the downside. Why?Important cloud support is found in this price level.

Price is challenging the Kumo (cloud). This is very important support area. Price has broken below the tenkan-sen (red line indicator) and is also challenging the kijun-sen (yellow line indicator). The Chikou span is below the candlestick but above the cloud. Support is at 108.80-109. Resistance is at 109.50.