04, June 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The Japanese currency fell against the dollar in yesterday's trading. The impulse for the yen sales the pair received from the Chins industry data which showed good results and decreased concerns about a sharp slowdown in the "Middle Kingdom" economy. Besides, the willingness to take risks was maintained by optimism in the stock Japan market - Nikkei rose by more than 2.0 %, as well as stability of the U.S. Treasuries government debt market situation where the yield is high. Speaking of prospects, which began yesterday, the USD/JPY is likely to slow down - it is unlikely that the market was ready to an aggressive trading before important news from the euro area and the United States.

The price is finding the first support at 101.60, the next one is at 101.00. The price is finding the first resistance at 102.23, the next one is at 103.00.

There is a confirmed and strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The uptrend movement will be until the price is above the Kijun-Sen. The Cloud is growing.

The MACD indicator left the neutral territory and started growing.

Trading recommendations

The growth main target is the strong resistance level 102.70.