28, January 2015

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

Traders shall focus their attention on the stock markets dynamics amid the absence of Japan interesting macroeconomic releases. Yesterday the US, Asian and the European equity were steadily growing, indicating demand for risky assets.

The flat within a rectangular corridor continues. The price is trading around the level of 118.00 for the two last weeks.

The price is finding the first support at 117.00, the next one is at 115.80. The price is finding the first resistance at 118.00, the next one is at 119.20.

The price is on the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement.

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

Trading recommendations

There are the low trading volumes. The strong support level 117.00 test could be followed by a consolidation.