Fort Financial Services - Analytics

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    USD/JPY (a 4-hour chart)

    USD/JPY (a 4-hour chart)

    General overview

    It is impossible to ignore the rumors that the Bank of Japan is ready, if necessary, to enter the foreign exchange market with some interventions. This turn of events can not be excluded, as the yen has strengthened by 5.2% in February, the price dropped to its lowest level in 12 months.

    The first support resides at 111.40, the next is at 110.60. The first resistance stands at 112.20, the next one is at 113.00.

    There is a confirmed and a strong sell signal. The price is under the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show 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

    The potential growth targets are the resistance levels: 112.20 and 113.00. If the price goes to the support level of 111.40 and breaks it the next target will by 110.60.

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