29, April 2015

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

We noted the moderately downward trend. It was difficult to expect from the Japan retail sales the positive data output amid the level of wages decline this year. The United States did not please traders with the consumer confidence positive release by the Conference Board.

The price is finding the first support at 118.30, the next one is at 117.50. The price is finding the first resistance at 119.20, the next one is at 120.40.

There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.

The MACD indicator is in a negative territory. The price is decreasing.

Trading recommendations

We suppose the pair will go to 118.30 first. Having overcome the first target the price might go downwards to 117.50.