15, April 2016

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

Haruhiko Kuroda’s comments (the Bank of Japan Governor) restrained the growth of the yen. According to Haruhiko Kuroda the Central Bank is ready to soften the monetary policy if needed, having many stimulus instruments to achieve the 2% inflation target.

The price is finding the first support at 109.00, the next one is at 108.20. The price is finding the first resistance at 109.80, the next one is at 110.60.

The price is in the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement forming a “Golden Cross”.

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

Trading recommendations

The potential decrease targets are two levels of support: 109.00 and 108.20.