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 world's leading stock indices show a rising trend alongside with the high-yield cross-rates in the currency market. Such dynamics indicates growth "risk appetite" among investors which is traditionally a negative factor for the yen as a funding currency.

    The first support resides at 120.40, the next is at 119.20. The first resistance stands at 121.30, the next one is at 122.40.

    The indicator shows a strong sell signal. The price is under the Cloud and in under the Chincou-span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement. The downward movement will be until the price is below the Cloud.

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

    Trading recommendations

    The buyers need to break above 121.30 for a steady growth. The way to the mark 122.40 will be opened after this breakthrough.


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