USD/JPY continues consolidation

Tatiana Norkina, FBS analyst

Yesterday USD/JPY managed to consolidate its position inside of the four-hour Ichimoku cloud. Tenkan-sen, Kijun-sen lines and the lower boundary of the Ichimoku cloud simultaneously has played the role of the support. The bulls inspired by it have updated their two-week maxima to 109.90, having rushed to Senkou Span B. Thus, the short-term trend is determined now by a Golden Cross, and we do not exclude the possibility of testing of the cloud upper boundary levels.

Technical levels: support – 109.50; resistance – 110.60/65.

Trading recommendations:

1. Buy — 109.50/60; SL — 109.30; TP1 — 110.60.

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