USD/JPY overview for June 04, 2015

4 June, 2015

General overview

The Japanese yen received fewer dividends of all majors. Investors are increasing their long positions on dips based on the uptrend continuation. The manufacturing sector ISM index points out to the positive dynamics continuation in a series of the US macro-economic reports.

The Japan and the US negative bond yields increase may put pressure on the Japanese yen.

Having consolidated for a short time below the support level of 124.30, the price returned above the level, breaking through it through down - top.

The price is finding the first support at 124.30, the next one is at 123.50. The price is finding the first resistance at 125.50, the next one is at 127.00.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

The buyers need to break above 125.50 for a steady growth.


Source  
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