FBS: trade recommendation for USD/JPY
Tatiana Norkina, FBS analyst
Once the pair has managed to gain a foothold above support in the 101.70/101.80 area, the activity of bulls dramatically increased and so did the probability of further growth to the area of 102.10.
Ichimoku indicator. Bullish bidders are observed both at H4 and H1. Indeed, the Ichimoku indicator on both timeframes has now a positive setup: there are bullish Clouds and Golden Crosses. In addition, at H1 the pair settled above Senkou Span A, then the Tenkan and Kijun formed a Golden cross.
The pair’s currently rising, but as it is overbought, the prices may return to the 101.90 support.
Technical levels: Support - 101.80, 101.90; resistance - 102.10, 102.30.
1. Buy - 101.90; SL - 101.70; TP1 - 102.10; TP2 - 102.30.