01, March 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

After yesterday's growth the pair has been fixed at 92.17 today. The correction continues. After consolidating on the current level the price should continue its downward movement.

The price is between the Kijun-Sen and Tenkan-Sen lines. The Ichimoku cloud has a bearish nature.

The sell signal is strong and confirmed. The Chinkou Span is below the price, and the price is below the Ichimoku cloud and the Kijun-sen.

The target of the downward movement is the level 90.95. After working out this level the price will go to 90.95, then to 90.04.

Bollinger Bands indicator is narrowed, indicating the correction.
MACD is down as well.

Trading recommendations

We recommend opening short positions with the first target 90.95. Having overcome this level the price will go to 90.04.