USD/JPY: weekly review (20/02)
Tatyana Norkina, an analyst at FBS
Daily. The flat that began three months ago is still relevant. After the bulls failed to break through the level of 120.50, the currency pair retreated not only to the support level of the cloud top, but also to the Kijun-sen - 118.20. At the moment the situation is quite unpredictable, because, on the one hand, the gold cross formed by Tenkan and Kijun lines is active, and on the other – the cloud has a tendency to expand downwards. At any time, sellers may enter the market and transfer trading in the negative zone.
H4. Four-hour timeframe supports the idea of the possible strengthening of the bearish pressure. Indeed, all week trading took place within Ichimoku cloud. Bulls attacked the upper bound rather weak that did not bring them any results. On the whole, the trading is conducted at Senkou Span B now, and the breakdown of which would mean the complete surrender of the bulls. In this case, one can expect the pair USD/JPY to be at least 117.50.
Chart. H4 USD/JPY