USD/JPY: correction after highs
Tatiana Norkina, an analyst at FBS
The end of last week was marked by a campaign of bulls to 122nd figure. Before reaching the figure of a few pips, the pair reversed in a downward direction and adjust to the mark of 119.60. At this time support Tenkan and Kijun has been broken. Obviously, in the nearest future the pair can return to the upper border of the Ichimoku cloud. But bullish clouds until hasn't changed yet.
As a result of yesterday's fall of course, oscillators went down as well. The MACD histogram is close to zero, but the RSI passes the middle of the channel.
Perhaps before testing Senkou Span A, currency pair will return to the Tenkan and Kijun lines.
Technical levels: Support - 119.50, 119.10; resistance - 120.30, 120.60.
1. Sell - 120.30; SL - 120.50; TP1 - 119.50; TP2 - 119.10.