04, April 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The British currency was traded in the side a narrow range versus the dollar and closed almost at opening prices. The latest news pushed the pair and then returned to their original positions. The increased demand for houses in the UK in March could become a positive support for the sterling.

The support is 103. The resistance is 103.80.

The pair is growing. Kijun-sen and Tenkan-sen are directed upwards. The northern movement is strong as the pair is above the Cloud. The Cloud is growing as well. The northern movement remains until Kijun-Sen is below the price.

MACD is in a positive area. The indicator is decreasing showing a sell signal.

Trading recommendations

The pair is overbought. We expect a downward movement. The pair shall return to 103 soon.