USD/JPY: positiveness is still valid
Tatiana Norkina, FBS analyst
After yesterday's trading, the currency pair consolidated above the four-hour Ichimoku cloud. Support in the 118th figure area was provided by the upper border of the cloud, together with the Kijun-sen line. The bulls took it as a signal to resume buying, but the rate growth is quite slow. It is understandable, taking into account that market is at its highs at the moment.
It is also worth mentioning that the Chinkou line is entering the zone of overboughtness, which cannot but disturb the bulls.
Oscillators are directed downwards, but MACD is still above zero.
Holding the prices above 118.50 today will give us a bullish signal with goals above the 119th figure. Otherwise, let us take the bears side.
Technical levels: support – 118.00, 118.50; resistance – 118.80, 119.40.
1. Buy — 118.50; SL — 118.30; TP1 — 119.40; TP2 — 120.60.
2. Sell — 118.30; SL — 118.50; TP1 — 117.90; TP2 — 117.50.