USD/JPY:The market has managed to successfully hold above the bottom of the daily Ichimoku cloud to further strengthen our constructive outlook and we look for the formation of a inter-day higher low by 76.55 ahead of the next major upside extension back towards and eventually through the recent multi-day highs by 79.55. Ultimately, only a close back below the bottom of the Ichimoku cloud would negate outlook and give reason for pause, while a daily close back above 78.30 accelerates.

source form: dailyfx

An unchanged trading day and small range has left signals once again without any strong directional bias. Intraday trading is being highlighted by a continued loss of positive momentum at levels above 115.00 since Friday. However overall momentum for the week is still improving and prices are supported by a trend of rising lows. Against this background this morning’s forecast is for sentiment to remain cautiously bullish above 114.72. Targets are for gains through 115.38 to attract renewed investors’ enthusiasm to target 116.00 then 116.30.

Exact risk to this forecast is not clear but most likely selling through 114.72, yesterday afternoon’s low, would be a bearish signal that once again investors’ enthusiasm has stalled above 115.00 and a further deterioration is likely to 114.55, the week’s low, then 113.97, a 50% pullback to the gains since last week’s low (111.95 – 116.00).

source from: tradingfloor

USD/JPY Hourly Chart

source:  forexyard.com