Fort Financial Services - Analytics

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    USD/JPY (a 4-hour chart)

    USD/JPY (a 4-hour chart)

    General overview

    The pair continued its growth and showed small increase to the previous highs by the end of the day. The dollar keeps supporting the pair when it got support amid the positive releases after the regulator's statements about the US possible monetary policy tightening. The BoJ governor H. Kuroda said that the central bank would examine the economic changes and would make the optimal decisions at each meeting in order to achieve the inflation of 2% as soon as possible. It sounded like the willingness to increase the quantitative easing if necessary that put pressure on the yen.

    The price is finding the first support at 122.40, the next one is 121.30. The price is finding the first resistance at 123.20, the next one is at 123.80.

    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 shows an upward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud.

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

    Trading recommendations

    The dollar within the USD/JPY is growing. The growth target is the level of 123.80, still we do not exclude a consolidation and rebounds down to the levels of 122.40 and 121.30.


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