02, June 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The Swiss franc fell against the dollar. The course practically ignored the country statistics.

The dollar keeps moderately positive attitude despite the weak U.S. GDP data in Q1. The labor market supported the U.S. currency in a way. The initial jobless claims fell to 300k vs. 318k.
The GDP in Q1 was decreased by 1.0 % q / q vs. 0.5 % q / q and 0.1% preliminary assessment.
It is unlikely that the data will have the lasting impact on the trading as the result cannot be called unexpected due to the last winter weather inclement.

The price is finding the first support at 0.892. The resistance is at 0.8950.

The price is above the Cloud and above Chinkou-Span, that’s a strong and confirmed buy signal.
The upward movement remains until Kijun-Sen is under the price.

MACD is in the positive territory, the indicator is decreasing.

Trading recommendations

The pair has stopped the growth and is showing the trend reversal. The pair may enter the cloud this week. If the pair stays under the cloud a while that might weaken the bullish momentum. The first downward target is the level 0.8920.