Yen unable to decide
Tatiana Norkina, FBS analyst
Situation is still complicated on the USD/JPY market. If we witnessed quite a positive sentiment early this week, yesterday has shattered all the bulls' hopes for the pair's recovery. The currency pair rate has failed to consolidate in the positive area on the four-hour timeframe. The break through the Ichimoku cloud upper border support was followed by a powerful break through the lower boder (119.60/70) as well. The loss of this strategically important level caused a flurry of sales which resulted in the prices decline to the 119th figure.
Let us note that there is another level a bit lower (118.90) that may support the market. We do not rule out the possibility of the prices recovery to 119.60 as the Ichimoku cloud is yet positive.
Technical levels: support – 119.00; resistance – 119.60/70, 120.00.
1. Sell — 119.60/70; SL — 119.80; TP1 — 119.00; TP2 — 118.50.