USDJPY: weekly review (05/12)
Tatiana Norkina, analyst at FBS
Daily. The currency pair continues to update highs and it reached the 120th figure during the past week. However, we understand that the immediate goal was a weekly resistance of 120.60. Therefore, considering the fact that in general all the indicators have quite a positive character in, in the nearest future we will be waiting for continuation of the uptrend.
Chart. Daily USD/JPY
The pair used support of the upper border of the Ichimoku cloud at the beginning of the week again. The rate moved strictly to the "north" afterwards. Ichimoku confirms the bullish interest but Chinkou line will soon be in the area of local overbought. Therefore, consolidation or correction to the cloud top is possible after testing of 120.60.
Chart. H4 USD/JPY