Yen remaining weird
Tatiana Norkina, FBS analyst
The USD/JPY currency pair has failed to keep in the positive area. The rebound from the four-hour Ichimoku cloud upper border that had supported the pair above the 119.70 mark turned out unsuccessful: during yesterday's session, the bears broke through an important level, moving the trades deep into the cloud.
The Tenkan and Kijun lines are uncertain, moving horizontally. The Ichimoku cloud has also stopped expanding upwards, and the Senkou Span A and B lines are possible to form a crossing soon that would change the long-term trend character.
Under these circumstances, we recommend you to refrain from trading on this pair.
Technical levels: support – 119.40; resistance – 119.70/80.
Trade recommendations: out of the market.