25, May 2016

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The USA published New Home Sales Change for April (16,6% vs. previous -1,3%).

The price is finding the first support at 109.80, the next one is at 109.00. The price is finding the first resistance at 110.60, the next one is at 111.40.

There is a confirmed and a strong buy signal. The price is above the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

The pair is going upwards. The bulls’ targets are the levels of 110.60 and 111.40.