07, April 2015

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The US labor market negative release did not leave to the dollar any drivers for a growth and as a result traders continue to take profits on the long positions.

The pair USD/JPY is trading in the flat below the mark of 119.20 and tested this level at the end of the trades.

The price is finding the first support at 118.30, the next one is at 117.50. The price is finding the first resistance at 119.20, the next one is at 120.40. 

There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Dead Cross”. The downward movement will be until the price is under the Cloud. 

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

Trading recommendations 

After the trend line 118.30 breakthrough down the way to the support 117.50 will be opened.