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: SSB is under attack
Technical levels: support – 111.00, 110.15; resistance – 111.70.
- Sell — 111.70; SL — 111.90; TP1 — 111.00; TP2 — 110.15.
- Buy — 111.20; SL — 111.00; TP1 — 111.70.
Reason: neutral Ichimoku Cloud, Senkou Span A and B have a same value; a dead cross of Tenkan-sen and Kijun-sen, falling Tenkan-sen; the prices are on Senkou Span B.
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.