23, March 2016

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

Manufacturing PMI was published in the United States at the level of 51,4 against the forecasted 51,8. The United States upset investors with the weak macroeconomic statistics: Existing Home Sales decreased by 7.1% for February. The Existing Home Sales fell by 6.7% from January to March.

The first support resides at 112.20, the next is at 111.40. The first resistance stands at 113.00, the next one is at 113.80.

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 correcting.

Trading recommendations

The buyers need to break above 113.00 for a steady growth. The way to the mark 113.80 will be opened after this breakthrough.