The dollar strengthened against the yen
Tatiana Norkina, FBS analyst
Having received the support of the figure 123.00 figure, the Dollar/Yen broke the four-hour resistance Tenkan and Kijun lines on Tuesday, then fasten them over near the 123.40 area. Yesterday trading took place mainly with bullish superiority what made the course of the currency pair to go in a positive area.
However as we know there is a powerful resistance at the level of 124.00/20 that bulls will have to overcome in the coming hours. Today the bullish attitude is supported by a golden cross formed Tenkan and Kijun lines, and by expanding up Ichimoku cloud as well. Therefore, the signal for growth will be considered fixing the prices over 124.00. Otherwise, the pair will go in the consolidation until the end of the week.
Technical levels: Support - 123.90; Resistance - 124.20.
1. Buy - 123.90; SL - 123.70; TP1 - 125.00; TP2 - 125.60.