USD/JPY taking 120.60 by storm
Tatiana Norkina, FBS analyst
The USD/JPY currency pair has entered the positive area again within the recent days. Taking advantage of the four-hour Ichimoku cloud lower border support, the bulls have once again made an attack in the 120.60/70 area.
This morning, they have managed to consolidate above the cloud, with the Tenkan and Kijun lines reacting keenly to the sentiment change and beginning the golden cross formation.
The only thing that makes us consider a possible uptrend is the cloud's neutral character and the disposition of its lines.
Technical levels: support – 120.40; resistance – 120.60/70, 121.30.
1. Buy — 120.80; SL — 120.60; TP1 — 121.30; TP2 — 121.80.