USD/JPY overview for July 08, 2015

July 8, 2015

General overview

The market shares dynamics will set the course of the trades within the pair USD / JPY. It is connected with the Japanese currency peculiarities which is the funding currency for the carry trade transactions. The energy and the bank sectors are among the leaders on the dip. It will put pressure on the stock market. But taking in consideration the oil market sales, we cannot expect the US dollar sharp decline. Obviously, investors will open short-term longs on the dips.

The price is finding the first support at 121.60, the next one is at 120.40. The price is finding the first resistance at 122.40, the next one is at 123.50.

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 “Dead Cross”. The downward movement will be until the price is under the Cloud.

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

Trading recommendations

The trend is a down side. The potential decrease targets are two levels of support: 121.60 and 120.40.

Publication source
Fort Financial Services information  Fort Financial Services reviews

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