FBS: trade recommendation for USD/JPY
Tatiana Norkina, FBS analyst
The rapid growth of the pair continued during yesterday's trade. The main reason is the weakening of the Japanese yen. The pair was breaking the 114.00 figure but now it corrected to Kijun-sen support hour line, to 113.35 area.
Ichimoku is strictly positive: there’re bullish clouds and golden crosses on both timeframes.
However, four-hour Chinkou Span is overbought. Therefore, we will wait for a consolidation of the figure of 113.00 in the nearest future, or, if there is a breakdown of support, of course correction to 111.70.
Technical levels: Support - 111.70, 112.50, 113.00; resistance - 113.50, 113.80.
1. Sell - 113.50; SL - 113.80; TP1 - 113.00; TP2 - 112.50.