USDJPY: weekly review (12/12)
Tatiana Norkina, FBS analyst
Daily. The currency pair has corrected under the 118th figure over the past week. But here, the bears were met by the Kijun-sen line, supporting the pair. Long-term market situation can be described as bullish as the golden cross is still active and the cloud remains directed upwards.
Oscillators, however, indicate a high likelihood of further corrective rate decline.
Chart. Daily USD/JPY
H4. On the 4-hour timeframes, the prices have entered the cloud and trading is carried out along the lower cloud border. We should pay attention to the narrowing of the cloud and the activity of the dead cross.
Bearish sentiment is likely to remain in the market, and in this case we should expect breaking through the support of Senkou Span A.
Chart. H4 USD/JPY