USD/JPY: 120.00 standing solid again
Tatiana Norkina, FBS analyst
The currency pair rate growth to the 120.00 figure has again ended in a rebound towards the four-hour Ichimoku cloud upper border. This morning, the bears have emerged in the market, lowering the prices into the Tenkan-Kijun channel. The pair's local overboughtness is obvious to have done the trick, which is confirmed by the Chinkou line being in the corresponding area.
At the same time, the Ichimoku indicator is quite positive. Thus, with a bullish cloud on the backdrop, the golden cross is not losing its relevance. All lines are directed straight up. Therefore, with a proper market support by the Kijun-sen line, the major uptrend may continue.
Technical levels: support – 119.50; resistance – 120.00, 120.50.
1. Buy— 119.50; SL — 119.30; TP1 — 120.00; TP2 — 120.50.