Norkina : Dollar cannot find its strength
Tatyana Norkina – analytic for company FBS
The US dollar is not able to recover strength against the yen after Friday's rebound from the 124.50 resistance. The course of the currency pair USD / JPY remains inside the Tenkan-Kijun channel, under the resistance line Tenkan-sen on the four-hour timeframe.
Perhaps, the resumption of offensive bulls is prevented by local overboughtness of the pair, which is confirmed by the Chinkou line. However, in both the short and long term, perspectives, the market situation is owned by the bulls. Indeed, the golden cross and bullish cloud may increase positive sentiment, which will subsequently lead to the breakthrough 124.50.
Technical levels: Support - 124.00 ; Resistance - 124.50.
Trading recommendations: 1. Buy - 124.30; SL - 124.10; TP1 - 125.60; TP2 - 126.00.