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USD/JPY: analysis and forecast

LiteForex

Current trend

The pair USD/JPY has been trading within a descending channel since the beginning of the week. On Monday the pair has hit the lows at 103.90. However, today USD/JPY is rising again due to the nomination of the Janet Yellen as the leader of US FedReserve.

Supportandresistance

The upper border of the channel won’t let the pair up, but the course can reach the middle MA of Bollinger Bands indicator at 104.65 and then pull back to the levels of 104.15 and 103.80 (lower border of the channel). On the four-hour chart technical indicators give controversial signals. Bollinger bands are directed downwards, the price chart can’t break through the middle MA. MACD histogram is in negative zone and can soon cross the zero line from below, forming a signal to buy. Stochastic lines are directed upwards.

Tradingtips

It is recommended to open short trades at current price with take-profits around 103.80.

Dmitriy Zolotov

Analyst of LiteForex Group of Companies

Source: https://www.liteforex.com/
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