FX.co ★ Ichimoku cloud analysis on USDJPY for November 23rd, 2022.

USDJPY is trading around 141.30. After getting rejected by the tenkan-sen (Red line indicator) resistance at 142.15, USDJPY has turned lower towards the lower cloud boundary. Daily trend remains neutral as price is still inside the Kumo, however the rest of the indicators suggest that price remains vulnerable to a bigger pull back. The last line of defense for USDJPY bulls is the lower cloud boundary at 140.50. A break below this level would be a bearish sign and more downside should be expected. Resistance is a the 144.82 level where we find the kijun-sen (yellow line indicator). Bulls need to break above this level in order to hope for a trend change to bullish.