FBS: trade recommendation for USD/JPY
Tatiana Norkina, FBS analyst
The rapid appreciation of the currency pair continues. During yesterday’s trading it reached yearly highs in the 105.30 area. However, this was followed by powerful sales caused by the profit-taking of the short-term buyers.
Ichimoku indicator. The Ichimoku indicator on both timeframes is set quite positive: active Golden Crosses, Clouds are bullish. Therefore, today’s depreciation is only a correction.
The uptrend is likely to resume after the pair tests Tenkan-sen at H4.
Technical levels: Support - 104.85, 104.70, 104.55; resistance - 105.20, 105.30.
1. Sell -105.20; SL - 105.40; TP1 - 104.55.
2. Buy -104.55; SL - 104.35; TP1 - 105.20.