USD/JPY (a 4-hour chart)
The current exchange rate US Dollar rose to Japanese yen after the Japan Minister of Welfare speech, the government does not abandon the pension fund reform plans.
The yen strengthened after the latest statement by the Japan Minister of Health regarding the lack of haste in the pension fund reforms, which could lead to the number of assets increase which would be possible to invest.
The price is finding the first support at 109.00, the next one is at 108.50. The price is finding the first resistance at 109.40, the next one is at 110.00.
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 upward movement and form a “Golden cross”. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is increasing.
We recommend going long with the target – 110.00.