29, May 2015

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

This week the Japanese yen is the weakest of the main four currencies. The debt market dynamics indicates the Japan and the US bond yields increase which supported demand for the dollar. This week we received the US jobless claims moderately negative data publication.

The US dollar two weeks growth against the Japanese yen faced the resistance at the level of 124.30.

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 consolidating.

Trading recommendations

The potential decrease target is the resistance level of 122.40.