USD/JPY: bulls attack
Tatiana Norkina, an analyst at FBS
The US dollar significally strengthened against the yen yesterday after a three-week long fall.Gaining foothold in the 117th figure, the pair came up to the lower boundary of the four-hour Ichimoku cloud, and confidently broke up its resistance today.
Currently trade is in the positive zone, in the area of 118.50. Support formed by Senkou Span B line is located just above the figure.
We’d also note the formation of a gold cross and rise of Tenkan and Kijun lines.
The oscillators also grow supporting the bullish sentiment of short-term players.
Therefore, consolidation at these levels will be regarded as a signal to increase.
Technical levels: Support - 118.00; resistance - 119.00, 119.30.
1. Buy- 118.00; SL - 117.90; TP1 - 119.00; TP2 - 119.30.