USD/JPY: bulls having hard time
Tatiana Norkina, FBS analyst
A couple of days ago, the bulls managed to break out of the cloud zone into the positive area. However, the resistance in the 119.40-119.60 area has killed their enthusiasm pretty quickly. Unsuccessful breakthrough made prices go back to the Ichimoku support level - 118.60.
At the moment, the situation is uncertain. On the one hand, the Golden Cross is active and the cloud is bullish. But the prices failure to consolidate above the Tenkan and Kijun lines speaks of the buyers weakness. We do not rule out a possibility of the dollar weakening against the yen.
Technical levels: support – 118.60; resistance – 119.00, 119.40.
1. Sell— 118.50; SL — 118.70; TP1 — 117.80; TP2 — 117.50.