USD/JPY: punching the cloud
Tatiana Norkina, FBS analyst
Currency pair managed to gain a foothold above the 118.70 support formed by the lower boundary of the four-hour Ichimoku cloud. There is also a powerful level was formed by Tenkan and Kijun lines. Bulls took advantage of it to resume purchases and withdrew currency pair in the positive region. This breakthrough can be decisive for the further growth to the maximum which we had two weeks ago. But bulls are waited by the next strong resistance level around 119.40 area.
Note that the oscillators also are positive.
Technical levels: Support - 119.00; resistance - 119.40, 120.00, 120.50.
1. Buy- 119.00 / 10; SL - 118.80; TP1 - 120.40; TP2 - 120.90.