29, March 2016

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

Speculations that a strong US economic statistics will increase the likelihood of the Fed interest rates increase in April supported the US currency.

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 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 correcting.

Trading recommendations

The upward bounce potential targets are 113.80 and 114.60. If the price falls it will get to 113.00.