29 Nov 2013
USD/JPY about to confirm first close above monthly kumo cloud since 2007!
FXstreet.com (Barcelona) - USD/JPY has been drifting to wins consistently all week, with only a minor setback suffered on Tuesday by retesting bids at 101.00 before an uptrend resumption to now face offers at 102.25/35 ahead of the weekend.
From an ichimoku perspective, the hourly chart is being supported by higher timeframes. It is worth noting that prices are just 1-day away from hitting yet another technical milestone, as unless a black swan event occurs, USD/JPY will see its first official close above the monthly kumo cloud, an occurrence not seen since 2007.
Technically speaking, the USD/JPY is currently finding a cluster of bids/offers around 102.30, near highs, and pivoting around its hourly Tenkan line. On the upside, clearance above 102.30/50 sees 103.20 up to 103.60 as the next resistance ahead of 105.00. On the downside, a flat Kijun line at 102.15 is seen as the first area of support ahead of a thick kumo cloud starting at 102.00.
From an ichimoku perspective, the hourly chart is being supported by higher timeframes. It is worth noting that prices are just 1-day away from hitting yet another technical milestone, as unless a black swan event occurs, USD/JPY will see its first official close above the monthly kumo cloud, an occurrence not seen since 2007.
Technically speaking, the USD/JPY is currently finding a cluster of bids/offers around 102.30, near highs, and pivoting around its hourly Tenkan line. On the upside, clearance above 102.30/50 sees 103.20 up to 103.60 as the next resistance ahead of 105.00. On the downside, a flat Kijun line at 102.15 is seen as the first area of support ahead of a thick kumo cloud starting at 102.00.