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    USD/JPY (a 4-hour chart)

    USD/JPY (a 4-hour chart)

    General overview

    Minister of Finance, Taro Aso is afraid that the Japanese economy may slip back into a deflation. Taro Aso said that the sales tax raising was the inevitable path for the Japanese economy. According to him the government is already preparing for this step. Meanwhile, the United States published Initial Jobless Claims where the data came in worse than it was expected. We expected a decline to 275K, still the index showed a decline to 259K.

    The first support resides at 113.00, the next is at 112.20. The first resistance stands at 113.80, the next one is at 114.60.

    There is a confirmed and a weak sell signal. The price is in the Ichimoku Cloud. The Tenkan-sen and the Kijun-sen show 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 decreasing.

    Trading recommendations

    Though the pair made a strong bearish candle yesterday still its future direction had not been set. If the pair breaks and consolidates below 111.40 the pair may go deep further. As an alternative scenario the pair breaks the level of 114.60 and keeps growing further.

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