USD/JPY: the bulls are confident
Tatiana Norkina, FBS analyst
The currency pair continues recovery at a moderate pace. Fixing above four-hour Ichimoku cloud allowed bulls to target 120.60. However, today we are observing the entry line Chinkou Span in the overbought zone. This could trigger a corrective depreciation of the currency pair to the support of Tenkan and Kijun.
The overall situation remains under control of bulls: a gold cross and positive cloud will empower buyers.
Oscillators also grow gradually, supporting the bullish trend in the market.
Technical levels: Support - 119.50, 119.10; resistance - 120.60.
1. Buy- 119.50; SL - 119.30; TP1 - 120.60; TP2 - 121.20.