Overview of the dollar against the yen
The focus was the performance of the Japanese finance minister, Taro Aso.During his speech, he expressed concern with regards to the recent strengthening of the Japanese yen quotations. According to the data, Japanese trade balance index, not seasonally adjusted, for the last month of winter rose to ¥ 434.9 billion 2. From early values ¥ 520.8 Bln., That happened due to the improvement of the trade balance, as well as the high costs from traveling to Japan tourists.
The pair rose by testing the resistance of 109.00. Then, the pair reversed and closed trades below 108.20 support.
In the area of 107.40 is the first support below - 106.60. In the area of 108.20 is the first resistance, above - 109.00.
A sell signal is strong and confirmed. The price is below the Ichimoku cloud and Chinkou-Span is above the price level. Tenkan-sen and Kijun-sen exhibit a downward movement. The urgency of the downward movement will continue as long as the price is below the Ichimoku cloud.
Histogram MACD is in the negative zone. Price reduced.
on the foreign exchange market for the yen to be considered sales position with the first target at 107.40. The next target for short positions, while overcoming the first, is considered 106.60.
Source Fort Financial Services