03, February 2016

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The Japanese manufacturing PMI amounted to 52.3 against the forecast of 52.4. The US revealed the IBD/TIPP Economic Optimism (at the forecasted median 47,8) and the New York ISM (718,9 against the previous 716,6).

The first support resides at 120.40, the next is at 119.20. The first resistance stands at 121.30, the next one is at 122.20.

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 correcting.

Trading recommendations

After the support level of 119.20 breakthrough down the way to the support 118.40 will be opened.