28, May 2015

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The Bank of Japan monetary policy report was published, however, the market has already received all of the key benchmarks from the Japanese regulator. The pair dollar/yen came out from the two-month consolidation towards the main trend and the global demand for the US dollar indicates that this trend is not yet complete and will be continued. Investors remain focused on the Federal Reserve and the Bank of Japan bipolar monetary policy which support the US dollar.

The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.30.

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

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

Trading recommendations

The pair can decrease to the resistance level of 123.50. After breaking 123.50 the sellers may go to 122.40 and 121.60.