Yen consolidating below cloud
Tatiana Norkina, FBS analyst
If at the end of the previous week we saw the yen strengthening, which clearly hinted on the four-hour downtrend continuation, then yesterday the bulls were active on the market, returning the currency pair rate to the Ichimoku cloud lower border levels.
It should be noted right away that the bulls are having it pretty hard now, as here a powerful resistance has been created by the Kijun-sen line which is horizontal at the moment. Then again, all other Indicator lines are also tuned sideways.
We do not rule out a dash a bit higher, into the 119.75/80 area. But then the downtrend is likely to resume.
Technical levels: support – 119.30/40; resistance – 119.75/80.
1. Sell — 119.50; SL — 119.80; TP1 — 118.30; TP2 — 118.00.