USD/JPY: Bulls power is ending
Tatiana Norkina, an analyst at FBS
Bulls efforts aimed at breaking through the resistance of the four-hour Ichimoku cloud upper boundary, seems to be vain. Attempts to break Senkou Span B ended in failure for three times, which may indicate an early resumption of the corrective depreciation of the currency pair.
Currently trades are conducted within the cloud, but in support of Tenkan and Kijun. If this level resists the pressure of bears, we should expect both the jump in prices in negative zone and renewal of the two-week lows.
Technical levels: Support - 118.00; resistance - 118.30, 118.50.
Trading recommendations: 1. Sell- 118.00; SL - 118.30; TP1 - 117.00; TP2 - 116.40.