USD/JPY (a 4-hour chart)
This week will start with publishing data on growth of the Japanese economy in the 2nd quarter. The report will be released on August 12 at 03.50 GMT. And it will be the most interesting data describing the state of the economy.
If the report reflects the acceleration of growth, the market will receive another confirmation of the fact that the Bank of Japan is certainly not going to introduce new incentives for the foreseeable future. Of course, that such expectations will strengthen the position of the yen, despite the fact that the expensive national currency is not too favorable economics.
The price is continuing to decline and can overcome the second support level after just a small retracement. The current sell signal is strong and confirmed, as Chinkou span entrenched below the price, and the price is below the Ichimoku cloud. So now the goal for the downward movement of the support level is 95.70, which has already worked out, and can soon be overcome.
Bollinger Bands follow the price down. The indicator shows a high volatility.
MACD is in a negative area.
The 4-hour chart of dollar-yen shows that the field between levels 96.19 and 94.98 made a support to the movement after which the price formed a “V-shaped bottom” and came up back.
Perhaps there will be a development of the local price correction upwards to the field of resistance between the levels 96.95 and 97.57, and then we may expect the further movement towards the local downtrend to the field of support between levels 96.19 and 94.98.