FBS: Trade recommendation for USD/JPY
Tatiana Norkina, an analyst at FBS
Before the resumption of growth, currency pair entrenched over the figure 108.00 yesterday and during today's morning forced the 109.00 mark.
Ichimoku. Ichimoku on both timeframes are positive, but the line Chinkou Span location in overbought zone may initiate correction.
On 4-hours graphs we see near-term resistance in the range of 109.30-109.40. From these levels, if they are achieved, corrective decline to 108.50 is possible.
Technical levels: Support - 108.80, 108.50; resistance - 109.30 / 40.
1. Sell - 109.30; SL - 109.50; TP1 - 108.80; TP2 - 108.50.