USD/JPY: under the cloud
Tatiana Norkina, FBS analyst
Currency pair failed to hold in the cloud zone. Over the past few days bears increased pressure, seizing the initiative from the bulls, who almost broke the resistance of Senkou Span A up, seeking to continue the upward trend.
During yesterday's trading the pair appeared under a four-hour Ichimoku cloud, which radically changed the technical picture for the next 2-3 days. The obvious price fixing under the Senkou Span B is likely to lead to a further depreciation of the currency pair rate in the area of 117.30.
Bearish trend is also supported by oscillators that are intended to go down further.
Technical levels: Support - 118.20, 117.30; resistance - 118.70.
1. Sell- 118.30 / 40; SL - 118.70; TP1 - 117.30; TP2 - 117.00.