13, April 2016

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The pair tried to strengthen its positions. Haruhiko Kuroda (the Bank of Japan Governor) announced his intention to launch additional measures. However, the yen continues to ignore any authorities attempts to pressure the currency. In the US, declared on import and export price indices (0,2% m/m and 0,0% m/m against the forecasted 1,0% m/m и -0,2% m/m correspondingly).

The price is finding the first support at 108.20, the next one is at 107.40. The price is finding the first resistance at 109.00, the next one is at 109.80.

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

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

Trading recommendations

We suppose the pair will go to 108.20 first. Having overcome the first target the price might go downwards to 107.40.