Ichimoku cloud indicator analysis of USD/JPY for July 13, 2018

The USD/JPY is challenging important long-term resistance. The weekly close will be very important. The USD/JPY is challenging the long-term resistance trend line coming from 125.60 back in 2015, that has already been tested 6 times the past years and got rejected.

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Blue line - long-term resistance

Red line - long-term support

The USD/JPY is also challenging weekly cloud resistance here at 112.60-112.70 area. Will the USD/JPY break above this huge triangle pattern? At current levels, traders should better be patient and neutral than chase long positions in USD/JPY.

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