03, September 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

The Japanese yen dropped against the dollar and as the result recorded a loss. The historic resistance level of 104.80 did not stop the American dollar growth against the Japanese yen. The small downward correction was followed by the confirmed uptrend continuation.

The dollar strengthening has allowed the buyers to break above the strong resistance levels of 104.35 and 104.80.

The price is finding the first support at 104.80, the next one is at 104.35. The price is finding the first resistance at 105.20, the next one is at 105.60.

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 and the Kijun-sen show an upward movement and form a “Golden Cross”. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

The price is likely to go to the downward trend line 105.60.