28, June 2016

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

After the British referendum Shinzo Abe (the Japanese Prime Minister ) requested from Taro Aso (the Finance Minister) to monitor the currency market and to take action if necessary.

Current situation

The USD/JPY remained under pressure. The market seems fairly balanced; the instrument almost did not move and remained at the same place. The resistance is at 102.50, the support exists at 101.40.

MACD is in the negative area. If the indicator remains in the undervalued area the pair will decrease. RSI is close to the oversold level. If the oscillator decreases or remains at the current levels that will be a sell signal. If RSI growth, that will be a buy signal for us. The USD/JPY is below the Moving Averages (50, 100 and 200) which are moving downwards.

Trading recommendations

There are no major events on the schedule that could significantly move the pair. We expect markets to stay fairly neutral and the USD/JPY probably will remain in the same region between 101.40 and 102.50.