Statistical data showed an increase in May, the Chinese import volumes, which exceeded all forecasts. This contributed to the strengthening of the US dollar against the Japanese yen, which is considered a risk-free currency, and increased hopes for the country's economic recovery, in spite of the reduction in exports, which have received more than expected.
The tone of a pair of negative trading. Having started trading at 107.00, the pair attempted to growth, which resulted in reversal and decline. Currency Pair USD / JPY fell to 106.50 at the end of trading.
The MACD is in the negative zone, the signal line below the bar. MACD shows a downward trend. RSI oscillator signal line has reached oversold zone and generates a signal to buy. The price of the 4-hour chart, a moving average, which expand to confirm the current trend. On the daily chart the price is at historic lows, which was the last time in 2014.
Forecast USD / JPY today
The pair is oversold. MACD and RSI indicators speak in favor of correction. The price may still prosest to 106.00, which can turn up.
Source Fort Financial Services