USDJPY: weekly review (28/11)
Tatiana Norkina, analyst FBS
Daily. After the formation of new highs bulls decided to have a rest. During the last week the currency pair had been consolidated near 118.00 figure, but it was supported by Tenkan-sen line on Thursday. Bulls perceived it as a all-clear to restore and re-started the rate. It should be noted that despite of the positive attitude of Ichimoku indicator, Chinkou line is still located in the overbought zone.
Also the attention should be paid to the oscillators, which began moving in a downward direction.
Graph. Daily USD / JPY
H4. On four-hour graphs the currency pair received the support from the Ichimoku cloud top. Despite of the short-term inclusion of the price in the cloud, the bulls managed to break through the resistance level of 117.90 / 118.00 and turned the game in their favor in the positive zone. When attaching at this level Tenkan and Kijun lines will be likely to be rebuilt and form a golden cross. And then the testing of the previous two-week highs should be expected.
Graph. H4 USD / JPY