Yen consolidating below 120.00
Tatiana Norkina, FBS analyst
The USD/JPY currency pair rate was again recovering to the 120th figure during yesterday's trading. The bulls have sieged this level twice after the market collapse, trying to regain the balance. However, the resistance formed by the four-hour Kijun-sen line is not willing to let them further upwards just yet. More than that, the indicator lines are rather negative: the Ichimoku cloud is expanding downwards, the dead cross is active on the background of the Tenkan and Kijun lines falling. Obviously, it makes sense to expect the rate's decline to the 119th figure in the near future.
Technical levels: support – 117.90, 118.60, 119.00; resistance – 120.00.
1. Sell — 120.00; SL — 120.30; TP1 — 119.00; TP2 — 118.60.