Ichimoku indicator analysis of USD/JPY for June 27, 2017

The USD/JPY is approaching some very critical medium-term trend resistance levels. The trend in the short-term remains bullish but the medium-term trend is bearish.

Blue line – short-term support

Short-term support is at 111. The price is above the 4-hour Kumo confirming that the short-term trend is bullish. Only a break below 111 will put this trend into danger and a break below 110.40 will confirm trend change to bearish.

Blue line – long-term resistance

In the Daily chart, the price is trying to break above the Kumo. The price also remains below the long-term Trend line resistance at 112.50. The 111.80-112.50 area is important resistance and we could see a rejection from there.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Ichimoku indicator analysis of USD/JPY for June 27, 2017