FBS: trading USD/JPY on Ichimoku
Tatyana Norkina, FBS
USD/JPY keeps on swinging in the 101.30-101.40 area. Yesterday's trade showed that the bears are not ready to extend the descending trend. After having tested 101.20 the pair returned to growth and broke above the major 101.40/101.45 level.
Ichimoku. The 101.40/101.45 area clearly is a strong one: this is the Kijun-sen (Н4) and the upper border of the Cloud (Н1). Fix above here would support the buying interest, at least in a short-term. Note that the hourly Cloud has narrowed because of the Senkou Span А upside. It could turn bullish in the nearest future.
However, the 101.70 is a good point for the bears to reenter the game.
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.