USD/JPY laying low
Tatiana Norkina, FBS analyst
The USD/JPY currency pair, after updating the highs, decided to consolidate just above the 124th figure. On the four-hour timeframe, flat market is also confirmed by all Ichimoku indicator lines that are currently directed sideways.
The Tenkan and Kijun lines have crossed but are not reinforcing the dead cross just yet. The sellers are obviously absent from the market but the bulls are standing still as well under the pressure of new extremes.
In our opinion, the pair's further recovery requires at least a correction into the cloud's upper border support area. This will be possible only in case of the prices fixing under the Tenkan and Kijun lines. Otherwise, lateral movement on the market will continue in the near future.
Technical levels: support – 124.00/20; resistance – 125.00.
1. Buy — 124.00; SL — 123.80; TP1 — 125.00; TP2 — 125.50.