FBS: trade recomendation for USD/JPY
Tatyana Norkina, FBS analyst
The US dollar extended growth versus the Japanese yen. On Thursday USD/JPY hit a fresh 6-year peak of 107.05.
Ichimoku. Bullish sentiment prevails on both timeframes: all the lines are headed to the upside, there are active golden crosses and bullish clouds.
Pay attention to the resistance at 107.25. At the same time, the overbought Chinkou line points to a potential correction. We expect the pair to retrace down from 107.25 to 106.30.
Technical levels: support – 106.30, 106.50, 106.70; resistance – 107.00, 107.25.
1. Buy —106.70; SL — 106.50; TP1 — 107.00; TP2 — 107.25.