26, February 2015

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The pair is under pressure from the US Treasury bond yields decrease and the deteriorated attitude towards the dollar after the Fed chairman semi-annual speech in Congress. She noted economic improvement and reminded investors that the central bank was close to the borrowings cost increase.

The price is finding the first support at 118.00, the next one is at 117.00. The price is finding the first resistance at 119.20, the next one is at 120.40.

The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”.

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

Trading recommendations

If the pair breaks 119.20 up it will open the way to the level of 120.40 and then to 121.60.