Yen continues consolidating
Tatiana Norkina, FBS analyst
The USD/JPY currency pair has remained in the 119.60-120.20 range since the beginning of the trading week. Yesterday, the bulls had a failed attempt to push through the four-hour Ichimoku cloud upper border resistance, supported by Kijun-sen as well. Then the currency pair rate bounced off into the negative zone, under the cloud. But the bulls don't go to rest: this morning, they are again storming the resistance.
However, the location of the Ichimoku indicator lines is quite contradictory. Although the cloud is bullish, its range is shrinking to zero. And the Tenkan and Kijun lines are supporting the bears - the dead cross is active.
Technical levels: support – 119.60; resistance – 120.20.
Trade recommendations: out of market.