Yen out of fashion again
Tatiana Norkina, FBS analyst
The USD/JPY currency pair overboughtness is obvious to have no influence so far: yesterday's short-term correction ended at the 121.40 level and was followed by the pair's recovery resumption.
The bulls are running the show again at the today's Asian session, having returned the currency pair rate to the highs, into the area of a many-month resistance - 121.70/80.
It should be noted that all lines of the four-hour Ichimoku indicator are now pulling upwards. This means that growth is most likely to continue in the near future.
Technical levels: support – 121.20/40; resistance – 121.70, 122.30.
1. Buy — 121.70; SL — 121.50; TP1 — 122.30; TP2 — 122.70.