USD/JPY forecast for June 09, 2015

June 10, 2015

General overview

The bullish sentiment changed to bearish, despite the Japan and the United States important macroeconomic statistics lack. There was the bond yields negative differential expansion in Japan and the US markets which is a positive factor for the dollar. At the same time the Japanese currency devaluation has a positive effect on the economy of Japan - the current account balance shows a high positive gain since February. However it did not allow the pair to continue the growth.

The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 125.50, the next one is at 127.00.

The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Golden Cross’.

The MACD indicator is in a positive territory. The price is consolidating.

Trading recommendations

After the support level of 123/50 breakthrough down the way to the support 12240 will be opened.

Publication source
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