USDJPY in limbo
Tatiana Norkina, FBS analyst
The USD/JPY currency pair failed to keep in the positive area on the four-hour timeframe last week. Massive sales resulted in the currency pair rate slide below the Ichimoku cloud, with further consolidation in the negative area. Yesterday we witnessed testing of the Kijun-sen line levels - 119.40, but the bulls have not been able to break its resistance yet. We are obvious to expect a long-term consolidation in the near future since the bears cannot bring themselves to break through the 118.60/80 support. In addition, the Chinkou Span line is in the zone of oversoldness now, which will slow down the currency pair sales as well.
Technical levels: support – 119.75, 119.50; resistance – 120.00, 120.30.
1. Buy — 119.50; SL — 119.30; TP1 — 120.00; TP2 — 120.30.