USD/JPY: bears come closer
Tatiana Norkina, FBS analyst
Currency pair moved to the expected decrease correction rebounding from an important level just above the 118th figure. Tenkan and Kijun lines finally formed a dead cross which supports short-term sales of the currency pair. However, the cloud keeps its bullish character not canceling the principal uptrend. The level of 116.80 may be the next goal of the bulls.
Oscillators also show the decreasing interest to the pair from the bulls’ side heading down. The MACD histogram goes into negative zone.
Technical levels: Support - 116.80; resistance - 117.50.
1. Sell - 117.50; SL - 117.70; TP1 - 117.20; TP2 - 116.80.