Technical analysis for USDJPY Probable Bearish Sentiment
• On 18/6/18 the price reached the level 2 times 110.610 which was the Fibonacci level of 79% and reverse.
Based on the technical analysis we can see that the price is creating lower lows and lower highs, failing to recover.
On 18/6/18 the price reached the level 110.610 2 times which was the Fibonacci level of 70% and reverse.
If we examine the Ichimoku system, we can see that the price also respects the Kumo cloud by not be able to penetrate it which is at the same level 79% of Fibonacci.
It is notable here that we have a valid kumo break out signal as well on the bear side.
The price is below the cloud, the Tekan sen and kijun sen seem to be in a bear formation and the Chikou span is below the price.
Those clues giving us the confidence we need to confirm that the kumo breakout signal is valid
USDJPY 1H Chart
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