23, June 2015

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The Bank of Japan H. Kuroda moderately positive comments may support the Japanese currency in the short term, as the US currency remained without drivers for growth after the US Federal Reserve meeting.

The upward trend of the pair halted in strong resistance level of 123.50. The resistance level at 123.50 test was on the reduced volumes.

The price is finding the first support at 122.40, the next one is at 121.60. The price is finding the first resistance at 123.50, the next one is at 124.30.

There is a confirmed and a weak sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Dead Cross”. 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

We believe the growth will be continued now. The first target is the level 124.30.