T.Norkina: trading USD/JPY (June 3)
Tatyana Norkina, FBS analyst
The US dollar strengthened versus the Japanese yen yesterday, recovering into the 102.50 resistance area.
Ichimoku. This level was formed on the H4 chart, what is confirming the importance of the signal. Bulls will take many attempts to overcome the resistance, but the overheated market conditions will hinder the immediate move to the upside. In the near term we expect a consolidation in the 102.17-102.50 area or a deeper corretion to the 101.95 support. Positive Ichimoku signals can play a defining role in the medium term market sentiment.
Technical levels: support – 102.17, 101.95; resistance – 102.50.
1. Buy — 102.17; SL — 101.90; TP1 — 102.50.
2. Buy — 101.95; SL — 101.80; TP1 — 102.50.