02, December 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

There are no preconditions to move beyond the range of 117.25 -119.00. The US dollar is in demand amid the commodity market sales, but now traders will not rush with the "longs" set as the yen is now significantly devalued and importers will protect the 119th figure.

The US dollar continues to strengthen its position against the Japanese yen. There was the level of 119.20 retest at lower volumes.

The price is finding the first support at 118.00, the next one is at 117.00. The price is finding the resistance at 119.20.

There is a confirmed and a weak buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show 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 decreasing.

Trading recommendations

The potential increase target is the level of 119.20.