07, March 2016

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The Bank of Japan Governor Kuroda said that the negative interest rates policy was not intended to affect the Forex market. The demand for the safe haven yen weakened as oil prices recovered on Friday and remained over $34, as concerns over global oversupply seemed to have waned.

The first support resides at 113.80, the next is at 113.00. The first resistance stands at 114.60, the next one is at 115.40.

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 and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

The potential growth targets are the resistance levels: 114.60 and 115.40.