FBS: sell USD/JPY from 101.70
Tatyana Norkina, FBS analyst
The pair is now recovering after having approached the 101.00 support last week. The exchange rate rebounded to the strong 101.60 resistance yesterday. Note that there are a lot of strong levels lying before the 101.80 mark, so this area is promising to be a hard nut to crack for bulls.
Ichimoku. If the bulls push the market higher today, they will be expected to brake in the 101.60/80 range. However, the major descending trend has not been canceled yet. That's why we stand on the bearish side today.
Technical levels: support – 101.00, 101.30; resistance – 101.60, 101.70, 101.80.
1. Sell — 101.70; SL — 101.90; TP1 — 101.30; TP2 — 101.00.