USD/JPY: weekly Ichimoku analysis (12/09)
Tatyana Norkina, FBS analyst
Daily. USD/JPY rose by more than 230 pips this week, hitting 107.40 on Friday. Daily Ichimoku confirms the bullish dominance: all the lines are headed to the upside. At the same time, Chinkou line is in the overbought zone. The 107.20/107.30 area is resistive and could trigger a bearish correction in the nearest future.
Chart. Daily USD/JPY
H4. The H4 Ichimoku looks rather optimistic: all the lines are headed to the upside, the Cloud is wide with an active golden cross. However, Chinkou Span is also overbought. In the near term we expect a bounce below the 107.00 figure.
Chart. H4 USD/JPY