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Technical Analysis – USDJPY bullish above daily Ichimoku cloud

USDJPY remains above the tenkan-sen line and above the daily Ichimoku cloud. These provide bullish signals. The recent upside momentum has stalled for now but there is scope to target the June 5 high of 125.84. RSI is still above 50 but is trending sideways, which also highlights this pause in the uptrend.

Immediate support is seen at 124.00. However a break below this level would lead to a fall to the cloud. The top of the cloud should provide support at 123.50 but a penetration into the cloud would weaken the recent uptrend.

As long as the market remains above the July 8 low of 120.40 then the bullish trend will likely hold.

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