04, September 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

The Japanese yen also as the pound fell solidly against the dollar. After the four months sleep the dollar actively strengthens against the Japanese yen. The two month growth happened amid the low volumes and the pair reached the historic resistance level of 105.20 formed from 2013.12.30. Then the pair slightly fell.

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 shows an upward movement and the Kijun-sen shows a horizontal movement. 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

We suppose the pair will go to 104.60 first. Having overcome the first target the price might go downwards to 104.35.