Posted on February 23, 2015 by the XM Investment Research Desk at 8:02 am GMT
USDJPY remains above the daily Ichimoku cloud and has been hovering around the key 119.00 level. The near-term trend remains neutral as the tenkan-sen and kijun-sen lines have flattened out. RSI is also flat and hovering just above the 50-point level in bearish territory.
The pair is an important juncture at such levels especially since the Ichimoku cloud is thinning out.
To the downside, the next key level lies at 118.00. On the upside, break of 121.84 is needed to confirm larger up trend resumption. This is the high of December 8, 2014.