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 investors "risk appetite" growth will contribute to the carry trade operations increase through the Japanese yen as a funding currency and may encourage "bulls" to long. The US traders’ absence caused the low liquidity. The US celebrated Thanksgiving Day on Thursday. There was weak volatility after the growth.

    Sellers lowered the price to the support level of 122.40. The price reached the level amid the low volumes that signaled about the downward correction weakening.

    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 sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement. The downward movement will be until the price is under the Cloud.

    The MACD indicator is in a negative territory. The price is consolidating.

    Trading recommendations

    If the price breaks 122.40 down it will open the way to the support level of 121.30.

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