Ichimoku Cloud Analysis 16.05.2024 (GBPUSD, USDJPY, USDCAD)

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is rising within a bullish channel. The pair is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line at 1.2635 is expected, followed by a rise to 1.2835. An additional signal confirming the rise will 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 securing below 1.2475, indicating a further decline to 1.2385. Meanwhile, the rise could be confirmed by a breakout of the upper boundary of the bullish channel, with the price establishing itself above 1.2755.

USDJPY, "US Dollar vs Japanese Yen"

USDJPY has rebounded from the support level. The pair is going below the Ichimoku Cloud, which suggests a downtrend. A test of the Cloud’s lower boundary at 154.65 is expected, followed by a decline to 151.15. An additional signal confirming the decline will be a rebound from the upper boundary of the bearish channel. The scenario can be cancelled by a breakout of the upper boundary of the Cloud, with the price securing above 156.55, which will signal a further rise to 157.45.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD has gained a foothold above the Tenkan-Sen line. The pair is going below the Ichimoku Cloud, which suggests a downtrend. A test of the Cloud’s lower boundary at 1.3640 is expected, followed by a decline to 1.3525. An additional signal confirming the decline will be a rebound from the upper boundary of the bearish channel. The scenario can be cancelled by a breakout of the upper boundary of the Cloud, with the price securing above 1.3695, which will indicate a further rise to 1.3785.