01, November 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

Investors do not expect changes in monetary policy, so you should not be surprised by the lack of major changes in the quotations of dollar/yen after the FED event. Technically, this pair needs a correction, but in spite of that the price growth may continue to the 99.00 mark.

We can see that Tenkan-sen and Kijun-sen are directed upwards having broken the cloud up. Chinkou Span is below the price, the cloud is growing. 

The upward movement will remain if the price stays above 97.97.

Bollinger Bands indicates the change of the trend being directed. The bands are widening.
The MACD is in a positive area right now.

Trading recommendations

If the approach to the bottom of the rising channel 98.30 is not accompanied by its break down, the rebound and the continuation of the bullish trend may be expected. The level 98.50 will serve as the nearest potential target.