01, April 2016

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

According to Kuroda the market interest rates significantly decreased; the government did not declare victory over a deflation as it cannot be sure that the low prices will not return.

The price is finding the first support at 112.20, the next one is at 111.40. The price is finding the first resistance at 113.00, the next one is at 113.80.

The price is in the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement forming a “Dead Cross”.

The MACD indicator is in a negative territory. The price is consolidating.

Trading recommendations

The upward bounce potential target is 113.00. If the price falls it will get to 112.20.