02, December 2015

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The bullish sentiment predominance was noted amid the debt market positive dynamics. The Japanese and the US government bond yields expanded that increases the investments’ attractiveness into the US assets and thereby supports demand for the dollar. However the growth impulse weakened.

The pair stopped its increase. Having rebounded from the support of 122.40, the pair has managed to grow to 123.20 and to test this mark.

The price is finding the first support at 122.40, the next one is 121.30. The price is finding the first resistance at 123.20, the next one is at 123.80.

The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”.

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

Trading recommendations

The buyers need to break above 123.20 for a steady growth. The way to the mark 123.80 will be opened after this breakthrough.