USD/JPY: have bears run out of power?
Tatiana Norkina, FBS analyst
Despite the strengthening of prices under a four-hour cloud, bears are not in a hurry to continue the downward trend - strong support in 117.00 is holding them back. Another rebound from the figure made up Tenkan and Kijun form a golden cross. In this case, all the lines of the indicator went sideways, keeping sideways trend.
Some uncertainty is visible on oscillators too, but MACD, nevertheless, is under zero mark. Do not rule out the possibility of continuing downtrend in the event of further price fixing under the Tenkan and Kijun. Otherwise testing of lower cloud line is likely to happen.
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.