01, May 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The maximum marks were updated 102.70, then the price returned below 102.65 resistance level. The growth was following at lowering volume level which decreased the dollar against the Japanese yen.

The first support is 102.23, the next one is 101.60. The first resistance is 103.00, the next is one 103.80.

The price is in the Cloud and it is above the Chinkou Span.

The downtrend movement will be until the price is under the Kijun-Sen.

The MACD histogram is at zero area.

Trading Recommendations

The downward target is 102.20. We receive the negative JPY fundamental data - that basically positive for USD. Short-term retest 102.20 is more likely to be followed by a rebound of the price upwards. To continue the upward trend buyers have to break above this level to open the way to 103.00, 103.45.