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Tatyana graduated from Bashkir State University with the major of Applied Mathematics and IT. She used to work as a system analyst in a large IT company. Entered the financial markets in 2008. Her trading system is based on classical technical analysis, Ichimoku indicator and the elements of fundamental analysis. Tatyana is very dedicated to her family and children. In her free time she enjoys rising a bicycle.

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.

Trade recommendations:

1. Sell — 119.50; SL — 119.80; TP1 — 118.30; TP2 — 118.00.

JPY
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