31, March 2015

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

Japan shall publish the industrial production report. The machinery and equipment orders decline in January indicates the Japan production capacity contraction.

The production sector PMI indicator in February was at the level of 51.6%, indicating the purchasing managers’ low optimism in this sector. The Japan goods exports from Japan have fallen to its lowest level for five months at the end of February which clearly confirms the negative trend.

The price is finding the first support at 119.20. The price is finding the first resistance at 120.40, the next one is at 121.60.

The price is under the Cloud and it is in the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement.

The MACD indicator is in a neutral territory. The price is growing.

Trading recommendations

The pair can grow to the resistance level of 120.40. After breaking 120.40 the buyers may go to 121.60 and 122.40.