USD/JPY: Ichimoku analysis (Mar. 21)
Tatiana Norkina, FBS analyst
Daily. After a short consolidation above the 101.00 mark the pair recovered into the 102.50 area this week. However, bulls faced resistance at the lower Ichimoku boarder. Tenkan and Kijun lines formed a dead cross (С). The bearish Cloud is expected to widen. If the prices fix below the Tenkan and Kijun lines, the bearish trend will continue.
Chart. Daily USD/JPY
H4. Dollar rebounded to the upper Ichimoku boarder, but Senkou Span B limited the bullish attack. The bulls, therefore, may leave the market in the nearest future, pulling the pair down into the 101.60 area. If they survive, the next target will be seen at 103.10.
Chart. H4 USD/JPY