19, August 2016

USD/JPY (a 4-hour chart)

General review

During the Asian session, the pair USD / JPY, fell to a new level of support JPY99.90, ending yesterday's technical pullback upwards. Japanese data were contradictory. Japan's trade surplus in July amounted to 514 billion, which is almost twice more what economist expected - 248 billion. Japan imports volume (y/y) decreased by -24.7%, while expectation was a decline of -20.6%.

Current situation

Today, the pressure on the Japanese currency strengthened. The next support level – is local minimum at JPY98.93.

Trading recommendations

The market is bearish and is trading at local minimums . We are not sure of further dropping. However, passing level JPY99.90 will sends the quotes lower.