11, May 2015

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

We expect the side trend development within the range of 119.20- 120.40. On the one hand, the non-farm payrolls moderately positive data will have some pressure on the yen and we may expect the prices decrease. On the other hand, the oil market correction with the US and Japan bond yields increase will support demand for the US dollar and will not let it decline heavily.

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 weak buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show 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 decreasing.

Trading recommendations

The pair can grow to the resistance level of 120.40. After breaking 120.40 the buyers may go to 121.60.