Ichimoku Cloud Analysis 17.11.2020 (USDJPY, EURUSD, GBPJPY)

Article By RoboForex.com

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is trading at 104.49; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 104.65 and then resume moving downwards to reach 103.75. Another signal in favor of further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 105.05. In this case, the pair may continue growing towards 106.15.

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.1856; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.1835 and then resume moving upwards to reach 1.1925. Another signal in favor of further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may be canceled if the price breaks the cloud’s downside border and fixes below 1.1805. In this case, the pair may continue falling towards 1.1705.

GBPJPY, “Great Britain Pound vs Japanese Yen”

GBPJPY is trading at 138.09; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s upside border at 138.25 and then resume moving downwards to reach 136.35. Another signal in favor of further downtrend will be a rebound from the upside border of the Triangle pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 138.65. In this case, the pair may continue growing towards 139.75. To confirm further decline, the asset must break the pattern’s downside border and fix below 137.45.

Article By RoboForex.com

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.