USDJPY: weekly review (19/12)
Tatiana Norkina, an analyst FBS
Daily. The situation on the currency pair can be described as the development of correction at the moment. Last week the pair went under the support of Tenkan and Kijun lines, fixing December lows at 115.50. But in the second half of the week the bulls managed to restore the pair to the 119th figure, breaking the resistance of the lines.
Securing of these levels would mean a speedy resumption of the uptrend. Otherwise, the correction may have a better sequel to test the level of the cloud top.
Graph. Daily USD / JPY
H4. On four – hour graphs the trading was below Ichimoku Cloud. But pretty soon the bulls managed to return prices to the lower boundary, and break the resistance level of the strongest indicator lines by the end of the week.
Tenkan-Sen and Kijun-sen formed a golden cross, supporting the bullish determination.
Oscillators also moved into positive territory, showing that bulls took a tack at least at 120.70.
Graph. H4 USD / JPY