08, December 2015

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The Japanese currency showed some attempts to strengthen, but it could not get full support from the Japanese consumer confidence data. The November confidence indicator rose to 42.6 from 41.5 while analysts had expected the more modest improvement to 41.8.

The price is finding the first support at 123.20, the next one is 122.40. The price is finding the first resistance at 123.80, the next one is at 124.30.

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 an upward movement and the Kijun-sen shows a horizontal movement, and form a “Golden Cross”. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

The buyers need to break above 123.80 for a steady growth. The way to the mark 124.30 will be opened after this breakthrough.