02, March 2015

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The dollar is slightly declining against the yen after the Japan disappointing economic data release while demand for the US dollar weakened after the American statistics publication.

The trade within the Japanese yen has been in the bottom of the upward flat for the last two weeks.

The strong resistance level of 119.20 was broken upwards. The pair is trading towards to 120.40.

The price is finding the first support at 119.20, the next one is at 118.00. The price is finding the first resistance at 120.40, the next one is at 121.60.

There is a non-confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a positive territory. The price is increasing.

Trading recommendations

The pair can fall to the support levels of 119.20, 118.00.