USD/JPY growth hindered by 124.00
Tatiana Norkina, FBS analyst
The USD/JPY currency pair growth was yet again stopped by the 124th figure yesterday. Let us note right away that this level resisted the bulls last week already. All attempts to break through it and consolidate above have failed.
On the four-hour timeframe, the currency pair rate has returned to the Ichimoku cloud upper border - Tenkan-sen has turned out a weak support. But the bulls' hopes are not yet wiped out as the 123.50 area contains a more powerful support formed by the cloud and the horizontal Kijun-sen line.
It should be noted that the indicator is set in different directions here: the golden cross is active, against the downward cloud. Thus, the situation remains quite intense, and trading under such conditions will bear more risks.
Technical levels: support – 123.50; resistance – 124.80, 125.40.
Trade recommendations: out of the market