USDJPY: weekly review (13/02)
Tatiana Norkina, FBS analyst
Daily. The previous week was marked with powerful bursts of volatility for this currency pair. If the first half of the week there were active buyers in the market who counterattacked, restoring the rate to an annual maximum of 120.50, then immediately after testing this mark there appeared sellers, who returned rates in the daytime cloud under the 119-th figure.
Support is provided by Tenkan and Kijun lines, which, in addition, formed a golden cross . But Ichimoku cloud still has a bearish trend.
H4. Ichimoku cloud changed its character to bullish at the four-hour timeframe but the last few days the rate of the currency pair fell under support of Tenkan and Kijun lines. Situation is not pleasant for buyers as far as foundation of a dead cross is possible. In this case, the pair will consolidate between the line Tenkan-sen and the upper boundary of the cloud for a long time. We don’t exclude the possibility of depreciation of the pair under the 118th figure.
Graph. H4 USD/JPY