02, March 2016

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The pair dollar/yen sharply grew. Earlier Chicago Purchasing Managers' Index decline caused a slight USD/JPY's drop. We believe that the dollar won't significantly affect the market before ADP release, but even then traders may want to wait for Services PMI from Markit before formulating their expectations about NFP.

The first support resides at 113.80, the next is at 113.00. The first resistance stands at 114.60, the next one is at 115.40.

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

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

Trading recommendations

The pair is going upwards. The bulls’ targets are the levels of 114.60 and 115.40.