02, May 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The price’s rebound from the resistance level 102.66 occurred on volumes. The U.S. dollar decline versus the overall correlation has not led to the lower bound uplink 102.15 breakthrough. Short-term breakdown is accompanied by the inverse return.

The first support is 101.60, the next one is 101.00. The first resistance is 102.23, the next is one 103.00.

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 trading continues within the rising channel. Last week's minimum 101.95 has not been updated. The correctional growth can still continue its upward movement. The rebound from the channel’s bottom line will allow the traders to return the price back to the resistance level 102.65.