Dollar weakened against Yen
Tatiana Norkina, FBS analyst
The USD/JPY currency pair rate plummeted into the negative area yesterday after all, below the four-hour Ichimoku cloud. The bulls were trying desperately to keep the prices in the cloud area, taking advantage of the lower border support around 124.10, but the bears turned out stronger. As a result, the pair has updated the three-week lows, having gone down to the 123.67 mark.
The bearish sentiment is obvious to prevail in the market in the near future since the Ichimoku cloud has changed for the negative and the Tenkan and Kijun lines have formed a dead cross. The Senkou Span B line retest migth make new sales possible.
Technical levels: support – 123.50; resistance – 124.00.
1. Sell — 124.00; SL — 124.20; TP1 — 123.50; TP2 — 123.10.