USD/JPY retaining bullish trend
Tatiana Norkina, FBS analyst
The USD/JPY currency pair managed to get into the positive area yesterday, breaking through the Ichimoku cloud upper border. The bulls have updated the pair's highs for the past two weeks, restoring the market to the 123.30 mark, but were immediately pulled back.
Today's trading began with a sharp decline of the rate into the 122.75 area, which was, obviously, a reaction of market participants to the local overboughtness – Chinkou Span was in the corresponding area. So far, the pair is holding above all lines of the Indicator. Tenkan-sen and Kijun-sen have formed a golden cross. Therefore, chances of recovery are still high.
Technical levels: support – 122.80; resistance – 123.20.
1. Buy — 123.00; SL — 122.80; TP1 — 123.50; TP2 — 124.30.