Forecast USD / JPY 05.05.2016
After the strong rally of the Japanese yen, which began last week, JPY moved away from the highs to eighteen USD in connection with the closing of positions. In the next few days, the dynamics of the dollar against the Japanese counterpart may be of changeable character, while the Tokyo market players do not return to work. The yen continues to receive extensive support after the country's Central Bank on Tuesday decided not to make any changes in monetary policy, although the market is expected to take additional easing measures.
The tool has lost 116.60 level and updated the minimum value in support of 105.80. After this quotation and turned back losses. Area 107.40 limited growth attempts.
In the area of 106.60 is the first support below - 105.80. In the area of 107.40 is the first resistance, above - 108.20.
A sell signal is strong and confirmed. The price is below the Ichimoku cloud and Chinkou-Span is above the price level. Tenkan-sen shows the upward movement and the Kijun-sen - the horizontal. 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. The price is adjusted.
According JPY Sell more operations are relevant. Mark 106.60 is treated as the first target shortovaya positions.Break of 106.60 will give traders an opportunity to go to the next Target located at 105.80.
Source Fort Financial Services