21, April 2016

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The absence of interest in buying the yen became the driver of an upward correction. The correction turned out to be weak amid the risky assets popularity. A limited growth pointed to the weak position of the US currency, which remained under the pressure.

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 forming a “Golden Cross”.

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

Trading recommendations

The buyers need to break above 109.80 for a steady growth. The way to the mark 110.60 will be opened after this breakthrough.