Currency Analyst since 2010

Yen growing again

Tatiana Norkina, FBS analyst

The USD/JPY currency pair keeps fluctuating within a wide price range. The bulls were out of luck once again - the 121st figure has again blocked them from reaching new heights. Yesterday's trading started above the Tenkan and Kijun lines support on the four-hour timeframe. However, the bulls have failed to hold this height. A powerful break through the Kijun-sen line has predetermined further course of trading: the pair quickly went under the cloud and is now trading in the negative zone. That, in essence, does not mean anything as the golden cross is still active and the cloud is yet bullish. The lateral movement is obvious to continue. Therefore, we recommend you to refrain from trading with this instrument.

Technical levels: support – 118.90; resistance – 119.90, 120.20.

Trade recommendations: out of market.

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