USD/JPY: in the cloud zone
Tatiana Norkina, FBS analyst
The bulls thoughtfulness could not have come at a better time for the bears benefit. To some extent, the sellers have taken advantage of the FRS meeting results as well, pressuring the four-hour Ichimoku cloud hard. At night, the currency pair rate was falling to the 119th figure area, violating the long-term consolidation above the cloud.
Profit fixation by the short-term traders this morning has resulted in a prices rebound deep into the cloud. And trades are obvious to continue within the range formed by the Senkou Span A and B lines.
Please, be warned that trading under these conditions are quite risky and we recommend you to stay out of the market today.
Technical levels: support – 120.10; resistance – 121.25.
1. Buy — 120.10/20; SL — 119.90; TP1 — 121.20; TP2 — 121.80.