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USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The pair dynamics remains bearish. Japan pleased traders with the positive macroeconomic statistics. Initially, the yen was pressured by the Bank of Japan Kuroda comments who pointed to the QQE program effectiveness. He also promised to take further measures to ensure financial stability. Despite the dollar growth, the price growth was limited.

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.

The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”.

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

Trading recommendations

We expect the resistance level of 123.20 break that will open the way for the buyers to 123.80.

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