Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a cancelled golden cross of Tenkan-sen and Kijun-sen, the lines are horizontal; the market is still on the support of the Cloud.
USD/JPY: dollar on main support
Technical levels: support – 108.60; resistance – 109.10.
- Sell — 109. 10; SL — 109.30; TP1 — 109.00; TP2 — 108.50.
Reason: expanding bearish Ichimoku Cloud with falling Senkou Span B; a cancelled golden cross of Tenkan-sen and Kijun-sen and the falling lines; the Bears made a new lows, but the market is on the strong daily’s support.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.