FBS: trade recommendation for USD/JPY
Tatiana Norkina, FBS analyst
The yesterday's bullish recovery was limited by the 101.80 mark. The 101.70/101.75 level has acted as a strong resistance recently, but these days the market is trying to fix below this mark. If the price manages to do that, the market could extend the decline.
Ichimoku. The cloud is bearish both on the H4 and H1 timeframes. What's more, we see Tenkan and Kijun lines forming dead crosses. At the same time, the pair looks oversold on the H4 chart. As a result, we see a chance for another recovery to the 101.70 resistance with a following decline to 101.25.
Technical levels: support – 101.25, 101.35, 101.40; resistance – 101.60, 101.70.
Sell — 101.60; SL — 101.80; TP1 — 101.25.