USD/JPY: inside the cloud

Tatyana Norkina, an analyst at FBS

The strength checking of the resistance level of 119.30 / 40 went pretty well. The upper limit, supported by horizontal Kijun-sen, withstood the onslaught of the bulls. The last had to surrender, being a result of the currency pair depreciation to lower limit support of the four-cloud 118.50.

Uncertain situation remains unchanged. Oscillators are neutral. Ichimoku indicator lines also directed flat.

If Senkou Span B is not be able to keep a pair at current levels, then we will expect the transition of trading in the negative zone and the depreciation of the currency rate to 117.90 or 117.50. Otherwise, the consolidation will be continued within the cloud further.

Technical levels: Support - 118.50; resistance - 118.80.

Trading recommendations:

1. Buy - 119.00; SL - 118.70; TP1 - 120.40; TP2 - 120.90.

2. Sell - 118.80; SL - 119.00; TP1 - 117.90; TP2 - 117.50

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