FBS: trade recommendation for USD/JPY
Tatiana Norkina, FBS analyst
The currency pair was kept from further falling yesterday by 107.90. However, the bears don’t lose hope and keep increasing pressure.
Ichimoku indicator. The pair was trading yesterday in a fairly wide range. The bulls even managed to break into the short-term area of the H1 Cloud restoring the currency pair to around 108.70. However, this was followed by a fall of prices to the negative zone and fixing all the lines under the indicator.
USD/JPY is now trading above the strong support at 107.90, which is formed on both timeframes. Obviously, its break below this level can cause the decline to 107.30.
Technical levels: Support - 107.90, 107.30; resistance - 108.15, 108.45.
1. Sell - 108.10 / 15; SL - 108.25; TP1 - 107.30.