USD/JPY: Range-bound with Ichimoku cloud tested – RBS

By FXStreet FXStreet (Delhi) – Dmytro Bondar, Technical Analyst at RBS, suggests that the USD/JPY pair remained in a range with both upside and downside breakout failing so far.

Key Quotes

“On the upside, the pair has a pivot point at the Ichimoku (near the 122.13). If broken, it will trigger a rally to at least 125.87 and possibly 129.61 and 131.93 levels.

On the downside, we have a Head and Shoulders formation with the neckline standing at 116.00/116.50. If the latter is broken, (which seems unlikely now), that would be a trigger for 110.01 and 106.27.

If not, a failed H&S would be a bullish pattern with the targets above 130.”

RES: 122.13 124.00 125.87
SUP: 119.81 118.00 116.50
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Source:: FX Street