23, September 2016

USD/JPY (a 4-hour chart)

General overview

The dollar softened against the yen when the American regulator made a decision to leave the rate unchanged

Current situation

The price sharply fell on Wednesday and remained under pressure on Thursday. The pair found a support at 100.40 where the downward pressure eased and the dollar was able to recover. The 50, 100 and 200 EMAs are turning downwards. The resistance is at 101.40, the support comes in at 100.40.

MACD is in the negative area. MACD decreased which confirms the strength of sellers. RSI is within the neutral territory.

Trading recommendations

If the price breaks the 100.40 level the next target for this pair will be the support level 99.50. We do not exclude a short-term correction towards 101.40.