04, November 2015

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The pair remained in a narrow sideways. The greenback was supported by its own economy news and the grown Treasuries. There was a day off in Japan yesterday that is why the yen was traded under the external events influence and it is likely to remain in the formed sideways, waiting for the main event of the week - the NFP in the United States.

The price is finding the first support at 120.40, the next one is 119.20. The resistance is at 121.60, the next one is at 122.40.

There is a strong and confirmed buy signal; the pair is above the Cloud. The Tenkan-sen crosses the Kijun-sen upwards. If the USD/JPY remains above the Cloud the growth will be continued.

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

Trading recommendations

The pair wants to test the level of 121.60. Still it has to break the level 121.30 first. As an alternative scenario we will see a decrease to 119.20 and further to 118.40.