20, April 2016

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

After a strong recovery from 17-month low the pair returned into a narrow range. The US published Building Permits (the index came in at 1.086M, the forecast was 1,200M) and Housing Starts data (the index came in at 1.089M, the forecast was 1.170M).

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.

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

Trading recommendations

After the support level of 108.20 breakthrough down the way to the support 107.40 will be opened.