FBS - Analytics

FBS

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USD/JPY: rebounding from the clouds

As we expected, yesterday the pair USD/JPY was trading at the lower boundary of the four-hour Ichimoku cloud. The bulls failed breaking out that resistance. Therefore the downtrend was continued. Today trading goes already at the 102-th figure. Tenkan-Sen and Kijun-sen formed a new dead cross. Ichimoku Cloud is extended downwards. We expect decreasing the market to new lows.

Technical levels: support – 102.00; resistance – 102.40.

Trade recommendations:

1. Sell — 102.20/30; SL — 102.50; TP1 — 101.50; TP2 — 101.00.



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