FBS: USD/JPY trade
USD/JPY is trading under pressure for a third day in a row, slipping from a 6-month high of 103.35 to the levels below the 102.00 mark. For now, the US dollar remains supported at 101.80 (23.6% Fibo from the recent rally, H4 Ichimoku).
In a short-term we recommend selling the pair from 101.80 with an initial target of 101.50. Next support for the pair lies at 101.15 – the level is likely to limit the current bearish correction. We believe the greenback remains capped as long as the 102.80 resistance holds.
In a longer term we still remain bullish for USD/JPY with an initial target of 105.50. Waiting for the right moment to go long on lower levels.
Chart. H1 USD/JPY