USD/JPY: 120.60 curbing growth
Tatiana Norkina, FBS analyst
The currency pair has once again stumbled upon a powerful resistance level around 120.60, which the bulls has failed to break through since the last week. At the same time, the market is supported by the Tenkan and Kijun lines in the 120.30/40 area.
Therefore, the entire attention of the players will be focused on this range in the near future. Break through the levels would mean moving in this direction. Testing of the upper Ichimoku cloud border is not ruled out, as the oscillators are pretty pessimistic, directed downwards.
Technical levels: support – 120.30/40; resistance – 120.60, 121.50.
1. Buy — 120.50; SL — 120.30; TP1 — 120.60; TP2 — 121.50.
2. Sell — 120.20; SL — 120.40; TP1 — 119.80; TP2 — 119.50.