04, April 2016

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

Japan published several business activity indexes and none of them came in positive and reached the predicted values. However, the investors were not confused and started a wave of the Japanese yen buying. The dollar fell against the yen when the China's manufacturing data increased the market sentiment, while investors awaited the Non-Farm release in the US (215K against the forecated 205K).

The price is finding the first support at 111.40, the next one is at 110.60. The price is finding the first resistance at 112.20, the next one is at 113.00.

There is a confirmed and a strong sell signal. The price is under the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement. The downward movement will be until the price is under the Cloud.

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

Trading recommendations

After the support level of 111.40 breakthrough down the way to the support 110.60 will be opened.