USD/JPY: will the 101.80 hold?
Tatyana Norkina, FBS analyst
The pair reached the 101.80 support yesterday. The market participants remain uncertain about the further direction of the pair. The 101.80 level may play a significant role in the coming days.
Ichimoku. In the morning the market bounced up from that level. The bulls don't let the pair fall below here, returning the price to the Cloud. However, a strong resistance is seen in the 102.00/102.20 range. The pair is likely to keep comsolidating in the near term.
On the H4 chart bears look stronger, supported by the dead cross. The prices will soon fall below the Cloud, giving more support to the sellers.
Technical levels: support – 101.80; resistance – 102.10.
1. Buy — 102.15; SL — 101.95; TP1 — 102.35; TP2 — 102.70.
2. Sell — 101.80; SL — 102.00; TP1 — 101.30; TP3 — 101.10.