USD/JPY: under the cloud
Tatiana Norkina, FBS analyst
The currency pair has again failed to break through the resistance of the four-hour Ichimoku cloud upper border. Within the week, consolidation under Senkou Span B led to the prices exit under the cloud, and, apparently, the bears have thoroughly consolidated under this resistance level.
Given the formation of a dead cross and strengthening of the cloud's downward character, we can assume that in the near future we will see depreciation of the currency pair rate to the last week's lows.
However oscillators are yet "silent", moving around the middle marks. It is possible that the bulls will make another attempt to break the cloud upwards.
Technical levels: support – 117.00; resistance – 118.00, 118.30.
1. Sell— 118.00; SL — 118.20; TP1 — 117.00; TP2 — 116.40.