15, March 2016

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The BoJ’s decision on the interest rate; its monetary policy comments and data on the monetary base annual growth will be the focus of our attention today. We did not expect any change in the rate, the regulator left it on the same level - minus 0.1%.

The first support resides at 113.00, the next is at 112.20. The first resistance stands at 113.80, the next one is at 114.60.

There is a non-confirmed and a weak buy signal. The price is above the Ichimoku 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 positive territory. The price is consolidating.

Trading recommendations

The upward bounce potential target is 114.60. If the price falls it will get to 113.00.