USD/JPY: growth slowed (June 5)
Tatyana Norkina, FBS analyst
The currency pair has reached 5-week high at 102.70. Here’s the strong resistance level on H4. Now this level is creating bearish pressure on the pair, which is trading in the range between 102.50 and 102.70
Ichimoku. The pair has stopped rising also because it’s overbought which is evident at H4 (look at Chinkou Span line). This can cause the prices to correct to the next area of support at 102.17.
A bit ambiguous situation at H1 where we see the frequent intersection of Tenkan and Kijun. This is a clear sign of indecision of market’s participants. Therefore, in the near future USD/JPY is likely to decrease to support mentioned above.
Technical levels: Support - 102.17, 102.50; resistance - 102.70.
1 . Sell - 102.60; SL - 102.75; TP1 - 102.17
2 . Buy - 102.17; SL - 101.90; TP1 - 102.50.
3 . Buy - 101.95; SL - 101.80; TP1 - 102.50.