Ichimoku Cloud Analysis 12.02.2024 (GBPUSD, USDCAD, USDJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is rebounding from the lower boundary of the Cloud. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the upper boundary of the Cloud at 1.2640 is expected, followed by a decline to 1.2475. An additional signal confirming the decline could 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 finding a foothold above 1.2675, which will mean further growth to 1.2765. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the ascending channel with the price finding a foothold under 1.2575.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is correcting after a rebound from the resistance level. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the lower boundary of the Cloud at 1.3445 is expected, followed by a rise to 1.3545. An additional signal confirming the rise might be a rebound from the lower boundary of the bullish channel. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price finding a foothold under 1.3430, which will mean a further decline to 1.3330. Meanwhile, the growth could be confirmed by a breakout of the upper boundary of the descending channel with the price finding a foothold above 1.3480.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has found a foothold under the Tenkan-Sen line. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Kijun-Sen line at 148.45 is expected, followed by a rise to 151.25. An additional signal confirming the rise might be a rebound from the lower boundary of the bullish channel. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price finding a foothold under 146.75, which will mean a further decline to 145.85.