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Trader, analyst and instructor with a 6-year experience

FBS: trade recommendation for USD/JPY

  Tatyana Norkina, FBS analyst

Fix above the 102.20/102.25 support gave a bullish impulse to the market. Yesterday the price moved above the important 102.40/102.45 level. However, it's all not so easy: we have a lot of resistance levels above, so a correction to 102.10 could take place. 

Ichimoku. Ichimoku indicator looks rather optimistic on the H4 and H1, so the potential dips will likely be corrective. That's why we advice going long from 102.10 or from 102.40.

Technical levels: support – 102.10, 102.25, 102.40; resistance – 102.65, 102.80.

Trade recommendation:

1. Buy — 102.10; SL — 101.90; TP1 — 102.65; TP2 — 102.80 (hold).

2. Buy — 102.40; SL — 102.20; TP1 — 102.80.

3. Sell — 102.70; SL — 102.90; TP1 — 102.25; TP2 — 102.10.

JPY
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