USD/JPY: Technical Analysis: Daily Ichimoku Cloud long-entry set-up in development; target 113.60/114.20

• USD/JPY is at a crossroads on a techncial outlook - So far, unable to find commitments from the bulls to get over the 112 line.
• However, while holding above 111.20/50, the outlook remains bullish. 
• The daily Ichimoku Cloud is not quite meeting the full criteria for a long with a sustained upside projection target. 

The four criteria should be as follows: 

1. Price must close above the Cloud.
2. Cloud ahead must be bullish (green).
3. Conversion Line is greater than the baseline.
4. Lagging Span is greater than or crosses above the cloud. 

• The Lagging span is not above the cloud, (thick green price line in the chart below targetting the space where the eclipse has been drawn above the cloud).
• A break of 112.20 would be a low-risk long entry with a tight stop, targetting a break of the 112.52 horizontal 78.6% Fibo resistance line with the Lagging Spab through the eclipse completing the criteria for a sustained trailing stop long entry position.
• Target break of 113.60 trend line resistance for 114.20.
• Failure at the 61.8% Fibo and channel support opens risk back to 109.50 cloud support.

USD/JPY Daily Chart