USDJPY: weekly review (21/11)
Tatiana Norkina, FBS analyst
Daily. Over the past week, the pair has hit new highs in the 119th figure area, forcing all Ichimoku lines to move straight up. However, a "shooting star" appeared on the candle chart on Thursday, which, if confirmed, may turn out to be a reversal pattern.
Given the clear pair overboughtness (Chinkou Span in the corresponding zone), we can expect a corrective decline of the rate into the 116th figure area.
Chart. Daily USD/JPY
H4. On the 4-hour lines, the pair has already slid to the 117.25 mark, where is was supported by the Kijun-sen line.
The Ichimoku indicator is also positive here, but the oscillators lines are directed downwards. It is likely to be related to the correction only and there is a possibility that, after an overboughtness "reset", the bulls will try to update the extremes and achieve a long-term target mark in the 122nd figure area.
Chart. H4 USD/JPY