Bears won battle
Tatiana Norkina, FBS analyst
The four-week consolidation of USD/JPY above 122.00 is finally over. As expected, it was very hard for the bulls to break above the 123rd figure early this week as a powerful resistance had been formed here by the Kijun-Sen and Senkou Span A lines. Having bounced from them exactly, the currency pair rate darted down, returning to the 120.40/60 mark (As a side note, this level had been disturbing the bulls for a long time - from March to May of this year).
This morning, the bulls are active in the market, having corrected the currency pair rate into the 121.40 area. However, the general sentiment in the market is determined by the bearish cloud and the dead cross formed by the Tenkan and Kijun lines.
Technical levels: support – 120.40/60; resistance – 121.70.
1. Sell — 121.70; SL — 121.90; TP1 — 121.00; TP2 — 120.60.