USD/JPY analysis for March 17, 2016

17 March, 2016

The pair tried to strengthen after the Bank of Japan’s decision to leave the current monetary policy unchanged. However, the pair showed a reversal and the price steadily went down. The US published a consumer price index for February on the level of 0,3% m/m (the previous value was 0,0% m/m, the forecast was 0,2% m/m).

The first support resides at 112.20, the next is at 111.40. The first resistance stands at 113.00, the next one is at 113.80.

There is a non-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 downward movement. The downward movement will be until the price is under the Cloud.

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

Trading recommendations

If the price fixates below the support 112.20, it may continue the downward trend in the short term. The potential target is 111.40


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