Yen - pressure remains
Tatiana Norkina, FBS analyst
The USD/JPY currency pair managed to regain its positions yesterday after the morning gap down of almost a figure, into the 122nd figure area. However, having returned to 123.00, the pair met a strong resistance from the Tenkan and Kijun lines. It should be noted as well that the four-hour Ichimoku cloud lower border has formed a powerful level here.
Obviously, it will be pretty hard for the bulls to break higher. But if it happens, we do not rule out a change of the major trend to upward. Otherwise, we will expect furher rate's decline below 122.00.
Technical levels: support – 122.00, 121.70; resistance – 122.80, 123.00.
1. Sell — 122.70; SL — 122.90; TP1 — 122.00; TP2 — 121.70.