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 US economy created 632 000 new jobs in the first quarter that is by 10.8% more than the year before. The quarterly growth has been the highest since 2013. On the other hand, the average wage increased by 0.28% m/m which would help the consumer spending to grow and would increase the inflationary pressures.

    The price is finding the first support at 110.60, the next one is at 109.80. The price is finding the first resistance at 111.40, the next one is at 112.20.

    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 shows a horizontal movement and the Kijun-sen shows a downward movement. The downward movement will be until the price is under the Cloud.

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

    Trading recommendations

    We suppose the pair will go to 110.60 first. Having overcome the first target the price might go downwards to 109.80.

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