Yen keeping at 124th figure
Tatiana Norkina, FBS analyst
Despite the exit and consolidation in the positive area, the USD/JPY currency pair cannot break upwards through the three-weeks-old resistance. The bulls have bumped into the powerful level of 124.20/60, but are not willing to cave in yet. Indeed, the Ichimoku cloud is bullish on the four-hour timeframe. At the same time, the Tenkan and Kijun lines formed a dead cross yesterday, that is why, we might see the rate decline to the cloud's upper border, into the 123.60 area, in the near future. Then we can expect the major uptrend resumption.
Technical levels: support – 123.90, 123.60; resistance – 124.20.
1. Buy — 123.60; SL — 123.40; TP1 — 125.00; TP2 — 125.60.