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USD/JPY: accelerated downtrend

Tatiana Norkina, an analyst at FBS

During yesterday's trading session, USD/JPY rebounded sharply to the range of 117.80, where the lines of four-hour indicator formed a resistance. Bears used this area for new sales of the pair, finally fixing prices in the negative area. It is necessary to say that Tenkan and Kijun lines formed a dead cross, which will make traders to customize further sales soon. Also Ichimoku cloud extends downward.

Oscillators also show a downtrend.

Technical levels: Support - 117.00; resistance - 117.40, 117.80, 118.00. 

Trading recommendations:

1. Sell- 117.30; SL - 117.50; TP1 - 116.90; TP2 - 116.40.

JPY
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