USD/JPY (a 4-hour chart)
The strong yen reduced the products competitiveness in foreign markets. The products competitiveness is what the Japanese industry needs most of all now. We believe we can still get a new batch of verbal intervention until the end of the month, which will make bears close short positions. The short positions closure shall contribute to the quotations growth.
The first support resides at 113.80, the next is at 113.00. The first resistance stands at 114.60, the next one is at 115.40.
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 and the Kijun-sen show a horizontal movement forming a “Golden Cross”. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a neutral territory. The price is consolidating.
The buyers need to break above 114.60 for a steady growth. The way to the mark 115.40 will be opened after this breakthrough.