02, September 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

The resistance level of 104.00 first break wasn’t long. The buyers have broken the historical resistance for the second time and fixed above. The dollar strengthening against the Japanese yen occurred amid the lower volumes. Despite the fact that the upward trend is gradually fizzles out, the resistance level of 104.00 break up in the longer term indicates the bullish trend continuation.

The price is finding the first support at 104.00, the next one is at 103.70. The price is finding the first resistance at 104.35, the next one is at 104.80.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Golden Cross”. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a neutral territory. The price is growing.

Trading recommendations

The pair can grow to the resistance level of 104.35. After breaking 104.35 the buyers may go to 104.80.