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

    Yesterday Japanese banks were closed; the country celebrated a national holiday - Constitution Day. This day off turned traders’ attention to the American news flow where the Fed representatives William Dudley gave his speech. According to Williams he agrees with the decision not to raise the interest rates this year. He also expects that the United States will show a growth of 2% this year.

    The price is finding the first support at 105.80, the next one is at 105.00. The price is finding the first resistance at 106.60, the next one is at 107.40.

    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 correcting.

    Trading recommendations

    The upward movement potential targets are 106.60 and 107.40. If the price falls it will get to 105.80 and 105.00.

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