Forecast USD / JPY 26.04.2016
USD greenbacks on Monday in the foreign exchange market showed a decline, retreating from a three-week highs against the Japanese currency on the eve of the meetings of the Central Bank of Japan and the United States, scheduled during the week. Investors also began to prepare for the results of the Fed meeting, which will take place on Wednesday, April 27th. Also this week, on Thursday held a meeting of the Bank of Japan.
From 109.80 mark tool demonstrated the rally. After the initial consolidation quotes headed to 110.60. The second wave of purchases
USD has led to price movement above 111.40. Here, the pair began a downward correction and fell below 111.40, and formed a short-term consolidation.
In the area of 110.60 is the first support below - 109.60. In the area of 111.40 is the first resistance, above - 112.20.
A buy signal is strong and confirmed. Price is above the Ichimoku cloud and Chinkou-Span is below the price level. Tenkan-sen shows the upward movement and the Kijun-sen - the horizontal. The urgency of the upward movement will continue as long as the price is above the Ichimoku cloud.
The MACD histogram is in the positive zone. The price is consolidating.
There is a possibility that the quotes will continue to be adjusted. Mark 110.60 will act as the first target. It is possible that the pair may resume growth with targets at 111.40 and 112.20.
Source Fort Financial Services