17, November 2015

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The US dollar has been traditionally growing without any reason prior to the overseas news publication. As the retail sales data were disappointing, the American currency has lost all its advantages. The Japan industrial production showed an increase by 1.1%, although the forecasts were slightly lower. The majority of investors did not pay attention again to the Japanese news. By the end of the trades the pair increased.

The pair USD/JPY showed a growth above the support level of 122.40. This level was tested. Then the pair rebounded upwards, having tested the level of 123.20.

The price is finding the first support at 122.40, the next one is 121.30. The price is finding the first resistance at 123.20, the next one is at 123.80.

There is a confirmed and a weak buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a downward movement. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a neutral territory. The price is growing.

Trading recommendations

The buyers need to break above 123.80 for a steady growth. The way to the mark 124.30 will be opened after this breakthrough.