Ichimoku Cloud Analysis 31.01.2024 (EURUSD, NZDUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

EURUSD is testing the support area. The instrument is going below the Ichimoku Cloud, which suggests a bearish trend. A test of the lower boundary of the Cloud at 1.0860 is expected, followed by a decline to 1.0675. An additional signal confirming the decline could be a rebound from the upper boundary of the bearish channel. The scenario could be cancelled by a breakout of the upper boundary of the Cloud with the price finding a foothold above 1.0925, which will mean a further rise to 1.1015.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD has found a foothold under the signal lines of the indicator. The instrument is going inside the Ichimoku Cloud, which suggests a sideways trend. A test of the upper boundary of the Cloud at 0.6125 is expected, followed by a decline to 0.6025. An additional signal confirming the decline could be a rebound from the upper boundary of the descending channel. The scenario could be cancelled by a breakout of the upper boundary of the Cloud with the price finding a foothold above 0.6195, which will mean a further rise to 0.6285. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the ascending channel with the price finding a foothold under 0.6055.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is correcting within a Triangle pattern. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper boundary of the Cloud at 147.40 is expected, followed by a rise to 150.65. An additional signal confirming the rise could be a rebound from the lower boundary of the bullish channel. The scenario could be cancelled by a breakout of the lower boundary of the Cloud with the price finding a foothold under 146.05, which will mean a further decline to 145.15. Meanwhile, the growth could be supported by a breakout of the upper boundary of the Triangle pattern with the price finding a foothold above the 148.65 level.