FBS: USD/JPY looks bearish
By Tatyana Norkina, FBS
Yesterday we mentioned the 101.60-101.80 range that could cap the recovery of the pair. It has now become evident that it is a real problem for the buyers to overcome this level. On Thursday USD/JPY is trading under strong bearish pressure.
Ichimoku. On the H4 chart the upper boarder of the Cloud limited the upside. As a result, the pair stays inside of the Cloud, approaching its lower boarder. On the hourly chart the price is also testing the lower Ichimoku boarder around 101.45. The pair is expected to trade in this "cloudy" zone on Thursday. However, we don't exclude the chance to break the support to the downside and to resume the H4 descending trend.
Technical levels: support – 101.30, 101.45; resistance – 101.60, 101.70, 101.80.
Sell — 101.60; SL — 101.75; TP1 — 101.30; TP2 — 101.00.