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USD/JPY: the bears are coming

As we expected a rebounding from the bottom of the four-hour Ichimoku’s cloud has led to a resumption of the downtrend on the USD/JPY market. During the past days the currency pair has updated the 2-week lows dropping to 100.60. It’s a strong supporting area.

There is a bearish picture on the four-hour timeframe: a dead cross and negative cloud are tuned up for the sales. At the same time the market is very oversold right now. There may be correctional movements.

Technical levels: support – 100.60, 99.60; resistance – 102.40.

Trade recommendations:

1. Sell — 101.40; SL — 101.60; TP1 — 100.60; TP2 — 99.60.

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