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Tatyana graduated from Bashkir State University with the major of Applied Mathematics and IT. She used to work as a system analyst in a large IT company. Entered the financial markets in 2008. Her trading system is based on classical technical analysis, Ichimoku indicator and the elements of fundamental analysis. Tatyana is very dedicated to her family and children. In her free time she enjoys rising a bicycle.

USD/JPY consolidating

 Tatiana Norkina, FBS analyst

Yesterday's trading on the USD/JPY currency pair began with a gapdown of nearly 30 pips below the Friday's close level. At the Asian session, the pair tumbled by about another 50 pips, following the trend, and formed yet another low within the past 5 months in the 116.66 area. Nevertheless, the bulls reacted immediately – the market returned to the 118th figure in a couple of hours and had been consolidating until the end of the day. It should be noted that the bulls were stalled by the Tenkan and Kijun lines that had formed a powerful resistance at this level.

Today's trading began with the rate's decline as well and, so far, the prices are remaining in the negative zone. The dead cross was canceled, but the cloud is still bearish. A long-term consolidation is possible, with testing of the Ichimoku cloud lower border levels.

Technical levels: support – 117.20; resistance – 118.60.

Trade recommendations:

1. Sell — 118.60; SL — 118.80; TP1 — 117.60; TP2 — 117.20.

JPY
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