03, October 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The US and Japan stock markets looks very bearish which is a negative factor for the pair. According to ADP, the change in the US private sector population employment amounted to 213K in September, against the expected 210K.

The Markit manufacturing PMI amounted to 57.5 in September against the expected 58.5, and the ISM manufacturing PMI amounted to 56.6 in September against the expected 58.5.

The USD/JPY decline is at the strong support level of 108.00.

The price is finding the first support at 108.50, the next one is at 108.00. The price is finding the first resistance at 109.00, the next one is at 109.40.

The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement.

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

Trading recommendations

The pair can grow to the resistance level of 109.40. After breaking 109.40 the buyers may go to 110.00.