USD/JPY collapsed under the Ichimoku cloud
Tatiana Norkina, FBS analyst
The currency pair USD/JPY did not manage to break through the resistance of 123.60 again. Two-day decline in the rate deep into the four-hour Ichimoku cloud has led to sudden activization of bears – yesterday support of the line Senkou Span B was broken through. Thus, the pair has collapsed to the negative zone, having replaced technical analysis into bearish one on the four-hour timeframe.
Obviously, due to the oversold situation, soon market will try to recover to Tenkan and Kijun lines. But then decrease can be continued.
Technical levels: support – 121.20, 120.80; resistance – 122.10, 122.30.
1. Sell — 122.10; SL — 122.20; TP1 — 121.20; TP2 — 120.80.