Fort Financial Services - Analytics

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    USD/JPY (a 4-hour chart)

    USD/JPY (a 4-hour chart)

    General overview

    A new wave of safe assets buying again pushed the yen to the north. However, the Bank of Japan slightly diminished the yen ardor when the regulator said that it closely tracked the national currency dynamics. Traders interpreted this comment as a threat to the currency intervention, explaining their fears that a strong yen is not beneficial for the regulator. However, this new did not change the overall bearish picture of the pair.

    The first support resides at 117.00, the next is at 116.20. The first resistance stands at 117.80, the next one is at 118.40.

    The price is in the Cloud and in under the Chincou-span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement forming a “Dead Cross”.

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

    Trading recommendations

    The potential growth targets are the resistance levels: 117.80 and 118.40.

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