FBS: trade recommendation for USD/JPY
Tatyana Norkina, FBS analyst
The price declined to the local support at 106.90 after hitting a 10-year high of 107.25. However, the buyers stay at the market.
Ichimoku. Ichimoku bullish sentiment confirms the idea. The H4 Clous is widening together with an active dead cross, formed by the Tenkan and Kijun lines. We expect the pair to jump higher from the Kijun support.
The Cloud is seen as bullish on the H1 chart. Despite the dead cross bulls are strong enoug to overcome the 107.25 resistance. If this level holds today, we can expect a correction to 106.65.
Technical levels: support – 106.90, 106.65; resistance – 107.25.
1. Buy —106.70; SL — 106.50; TP1 — 107.00; TP2 — 107.50.
2. Sell —107.25; SL — 107.45; TP1 — 106.65.