USD/JPY overview for June 22, 2015

June 22, 2015

General overview

The Bank of Japan announced the monetary policy meeting results. The national currency devaluation is beginning to give its fruits- it was observed in recent reports the exports, industrial production and the payments balance positive trend. The Bank of Japan left monetary policy unchanged and pledged to increase the monetary base of $ 80 trillion yens per year. In this regard quotations decreased to 122.40.

The price is finding the first support at 122.40, the next one is at 121.60. The price is finding the first resistance at 123.50, the next one is at 124.30.

There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”. 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

The potential decrease targets are two levels of support: 122.40, 121.60.

Publication source
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