21, March 2016

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The Japanese yen sharply rose against the US dollar. Some analysts believe that the BoJ was behind this intervention to weaken the yen. Only by the end of the week the dollar slightly increased against the yen.

The first support resides at 111.40, the next is at 110.60. The first resistance stands at 112.20, the next one is at 113.00.

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 shows an upward movement and the Kijun-sen shows a horizontal movement. The downward movement will be until the price is under the Cloud.

The MACD indicator is in a negative territory. The price is corrcting.

Trading recommendations

The upward bounce potential target are 112.20, 113.00. If the price falls it will get to 111.40 and 110.60.