Yen weakening again
Tatiana Norkina, FBS analyst
Having tested the most powerful support at the 122.00 figure that we mentioned in the previous review, the USD/JPY currency pair started to correct abruptly in the direction of the four-hour Ichimoku cloud lower border. The bulls have broken through the Tenkan and Kijun lines resistance which, however, are keeping the dead cross relevant.
Attention should be also paid to the bearish cloud, setting the basic movement direction.
Therefore, we are expecting the prices to bounce from the cloud's lower border into the 122.50 area in the near future.
Technical levels: support – 122.00, 122.50; сопротивление – 123.70.
1. Sell — 123.70; SL — 123.90; TP1 — 122.50; TP2 — 122.00.