Status:

1) 5-day EMA crossed below 22-day EMA first time since March 8th.

2) Tenkan-sen of daily ichimoku cloud crossed below Kijun-sen. The signal is a weak bearish signal but it signals some more downward move 

3) As mentioned during the weekly analysis on last Sunday, such a strong upward move warrants a consolidation.

Possible targets:

1) 55-day EMA support near 81.20.

2) Support of the upper edge of daily Ichimoku cloud near 81.30.

3) Fibonacci 38.2% retracement of the recent upward move at 81.05.

 

Ichimoku Cloud:

Please check Forex Alerts under the sub-forum named "Forex: Alerts-Observations-Watch outs" in the Forex forums.

 

You may also check US Dollar/Japanese Yen outlook. and daily analysis for USD/JPY.

 

Connect the author at Google: +Himanshu Jain

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