28, March 2016

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

Yen failed to take an advantage from a flight from risk. The meeting of the BoJ became another negative factor for the yen. The head of the Central Bank Haruhiko Kuroda said that the monetary policy easing would be continued as long as the inflation stabilized at around 2%.

The price is finding the first support at 113.00, the next one is at 112.20. The price is finding the first resistance at 113.80, the next one is at 114.60.

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 consolidating.

Trading recommendations

The potential growth target is the resistance level of 113.80. The potential decrease targets are two levels of support: 113.00 and 112.20.