08, May 2015

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

Japanese banks began their work after a long weekend. There was a bearish sentiment in the Tokyo stock market. In this regard, we noted the 119th figure testing followed by the rebound upwards. The Japanese yen with the US dollar is the market weakest currency asset and now we cannot count on the pair dollar/yen strong sales.

The price is finding the first support at 119.20, the next one is at 118.30. The price is finding the first resistance at 120.40, the next one is at 121.60.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

After the support level of 119.20 breakthrough down the way to the support 118.30 will be opened.