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Tatyana graduated from Bashkir State University with the major of Applied Mathematics and IT. She used to work as a system analyst in a large IT company. Entered the financial markets in 2008. Her trading system is based on classical technical analysis, Ichimoku indicator and the elements of fundamental analysis. Tatyana is very dedicated to her family and children. In her free time she enjoys rising a bicycle.

USD/JPY is being corrected in the cloud

 Tatiana Norkina, FBS analyst

Bulls could not keep the exchange rate of the currency pair USD/JPY in the positive area. Negative attitudes appeared at the end of last week: the breakdown of the support of Ichimoku cloud top, followed by the strengthening of the dead cross only intensified the bearish pressure on the pair. This thing led to a sharp drop of prices on Monday to support of 123.00.

Today, there is an intensification of buyers on the market, but so far it seems only a short-term correction after yesterday's fall. Indeed, Tenkan and Kijun lines are in no hurry to cancel the effect of the dead cross. Therefore, after testing their resistance around 123.50/60, the market may continue to decrease in the short-term and go down to the area of ​​122.40. If a breakdown occurs the resistance, we will expect a quick resumption of the primary uptrend.

Technical levels: Support - 123.00, 122.40; Resistance - 123.50.

Trading recommendations:

1. Sell - 123.50; SL - 123.70; TP1 - 123.00; TP2 - 122.40.

JPY
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