26, April 2016

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The dollar declined against the yen on Monday leaving three-week highs. The market is waiting for the Fed meeting and BoJ meeting.

The price is finding the first support at 110.60, the next one is at 109.60. The price is finding the first resistance at 111.40, the next one is at 112.20.

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 shows an upward movement and the Kijun-sen shows 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 consolidating.

Trading recommendations

The potential decrease target is the support levels of 110.60. We do not exclude the growth to 111.40 and 112.20.