USD/JPY: growth happening or not?
Tatiana Norkina, FBS analyst
Yesterday, the bulls were active on the market. Having consolidated above the Tenkan and Kijun lines, the currency pair rate grew up to the Ichimoku cloud, and this morning the bulls are trying to take its upper border resistance by storm. Let us note right away that there is a powerful level in the 120.30/40 area that might slightly cool the desire to buy. Therefore, a rebound to the Tenkan or even Kijun-sen line is possible in the near future. Then, the growth is likely to continue.
Technical levels: support – 119.30, 119.60; resistance – 120.30/40.
1. Buy — 119.60/70; SL — 119.40; TP1 — 120.60; TP2 — 121.20.