USD/JPY: BUY Signals!
The decline in the pair USD/JPY which has lasted since December 2015 seems to stop at the level of 111.40. Since March 18 the pair has grown without pullbacks. The rise in the pair is supported by the purchase of the USD by Japanese importers at the end of the fiscal year, which will end on 31 March.
On the daily and 4-hour chart the indicators OsMA and Stochastic are giving buy signals. On the weekly chart the indicators also give buy signals. Moving average lines with the period from 5 to 13 also give signals to buy. This week uptrend may continue up to the level of 114.30 (ЕМА50 on the daily chart and Fibonacci 23.6%).
Consolidation of the price above the level of 113.65 (ЕМА200, ЕМА144 on 4-hour chart) will confirm this forecast and may trigger further rise in the pair.
Otherwise the pair will break out support level of 113.15 (ЕМА144 on 4-hour chart), 112.70 (ЕМА200, ЕМА144 on hourly chart) and go down to the recent lows at the level of 111.00.
Support levels: 113.15, 112.70, 112.40, 112.00 and 111.40.
Resistance levels: 113.65, 114.30, 115.00, 116.05 and 117.50.
Trading tips
Buy Stop: 113.80. Stop Loss: 113.40. Take-Profit: 114.30, 115.00, 116.05 and 117.50.
Sell Stop: 113.30.Stop Loss: 113.70. Take-Profit: 112.90, 112.70, 112.40, 112.00 and 111.40.
The material has been provided by LiteForex - Finance Services Company - www.liteforex.com
