FBS: trading recommendation for USD/JPY
USD/JPY is consolidating within the Ichimoku Cloud at H4. Yesterday trading took place in the range of 108.30-109.00. But despite the relatively positive end of the day, this morning the market once again reigned by the bearish sentiment.
Ichimoku indicator. On H1 the pair was rejected at the upper boundary, and once again went to the bottom of the Cloud. Obviously, the reduction to the Senkou Span B will happen after the prices fix below Tenkan and Kijun. In the meantime, a Golden Cross is still in place.
At H4 the situation is also not in favor of the bulls as the Dead Cross is active. Therefore, in the near future the currency pair will likely decline to the upper edge of the Cloud, in the area of 108.00.
Technical levels: Support - 108.35, 107.90; resistance - 109.00.
1. Sell -108.80; SL - 109.00; TP1 - 108.35; TP2 - 107.90.