07, July 2015

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The course of the trades was determined by the global stock markets sentiments. In case of the "Greek debt" positive decision - the stock markets will show an upward trend and the pair dollar/yen will enjoy a steady demand amid the carry trade transactions opening. Otherwise, we expect the sales waves amid the carry trade transactions closure and demand for the Japanese yen as a funding currency.

The price is finding the first support at 122.40, the next one is at 121.60. The price is finding the first resistance at 123.50, the next one is at 124.30.

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 consolidating.

Trading recommendations

We suppose the pair will go to 122.40 first. Having overcome the first target the price might go downwards to 121.60.