USD/JPY Bulls See More Upside

Ichimoku Cloud analysis shows US Dollar / Japanese Yen (USD/JPY) continuing to be bullish into 2022.

Weekly USD/JPY Ichimoku Cloud Chart

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USD/JPY price has encountered resistance at the equal length swing target zone. The weekly trend remains up with prices above the Ichimoku Cloud. The Ichimoku Cloud Lagging line is well above price and the momentum is up.

The weekly price looks to be consolidating at the equal length swing point. Should price cleanly break above the equal length swing and the weekly Ichimoku Cloud Wave 3 high, it’s likely to work its way to the top of the weekly target zone at 121.028.

Daily USD/JPY Ichimoku Cloud Chart

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The daily USD/JPY trend remains up with prices rising along with the Ichimoku Cloud. Price is making higher highs and higher lows as the Ichimoku Cloud Waves continue upwards. Daily prices as shown in waves 7, 8, 9, and 10 are becoming more congested due to the weekly chart hitting resistance but the bulls are not letting up.

Should the bulls succeed at pushing the daily prices above the congestion expect the market to rise towards 118.215 in the target zone.

60-Minute USD/JPY Ichimoku Cloud Chart

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USD/JPY on the hourly chart has been in a solid uptrend. Price is above the Ichimoku Cloud and the momentum is working to stay up. Price is trying to break above the Wave 5 high but the Lagging line is struggling to get clear of price. With the resistance on the higher time frames, the price may continue sideways before moving higher.

Look for the bulls to retain control and USD/JPY to extend higher.