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USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

Traders positively reacted to the possible agreement between Greece and the creditors. This factor may increase the number of carry trade transactions which will put pressure on the Japanese yen as a funding currency. Traders expect the positive May USA durable goods which could support the demand for the dollar.

There was formed the two-day correction from the strong support level of 122.40. The correction target is the mark 123.50 that has been worked out.

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 125.50.

The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement and form a “Golden Cross”.

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

Trading recommendations

The approach to the level of 124.30 may lead to a price rebound down. The potential rebound target is the support level of 122.40.

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