10, April 2015

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The corporate reporting season started in the United States and we can expect that the most of American corporations’ indicators will be in the negative area amid the economic growth slowdown because of the US dollar strong revaluation.

Buyers have broken through the strong resistance level of 120.40 for the second time. The level of 120.40 breakthrough was at the lower volumes.

The price is finding the first support at 120.40, the next one is at 119.20. The price is finding the first resistance at 121.60, the next one is at 122.40.

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 and the Kijun-sen show an upward movement. 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 potential growth targets are the resistance levels: 121.60 and 122.40.