Mark Jensen: trading USD/JPY
Mark Jensen, FBS analyst
USD/JPY is testing the bottom of the daily Ichimoku Cloud in the 101.70 area. The pair breached support line from the beginning of February, but is still holding above the 3-month support at 101.66. As long as the pair remains above this level, the situation will remain bullish.
On the upside potential targets lie at 55-day MA at 103.24 and 104.00. There are plenty of support levels in the 101/100 area, so we won’t risk shorts.
We may try small longs at the current levels with stop at 101.55 and targets at 102.45/85.
The risk aversion is against tge pair, but perhaps we'll get something USD-positive from America and Yellen.
Chart. H1 USD/JPY