Fort Financial Services - Analytics

    Fort Financial Services

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    USD/JPY (a 4-hour chart)

    USD/JPY (a 4-hour chart)

    General overview

    The pair has slightly increased, supported by the continuing dollar growth and the Japan stock market optimism growth. However, there was not any high activity at the market. The price demonstrated the slight decline caused by the technical factors and the lack of Japanese economic news. The Fed minutes have been published, but they have not had any effect on the dollar.

    The price continued its growth, but was stopped below the mark of 123.80.

    The price is finding the first support at 123.20, the next one is 122.40. The price is finding the first resistance at 123.80, the next one is at 124.30.

    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 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 growing.

    Trading recommendations

    The buyers need to break above 123.80 for a steady growth. The way to the mark 124.30 will be opened after this breakthrough.

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