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