Dollar recovered against yen
Tatiana Norkina, FBS analyst
The USD/JPY currency pair recovered into the 120.20 resistance area again during yesterday's trading session. Trading started quite positively, with the prices consolidating within the four-hour Ichimoku cloud. Feeling the support of the cloud's lower border, market participants began to buy the dollar against the yen, and soon, the currency pair rate got into the bullish zone, above the cloud. By evening, the pair has tested another level in the 120.40/50 area, reflecting rising risk appetite among traders. However, despite the golden cross formed by the Tenkan and Kijun lines, the Ichimoku cloud is still not willing to change for the positive. We do not rule out further consolidation, with the prices return to the cloud.
Technical levels: support – 120.00; resistance – 120.60.
Trade recommendations: out of market.