04, November 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The pair has been growing for a week. Should the pair break the maximum of October 30th it may go to 99.10. The reverse scenario, after overcoming the support level 98.00 yen may strengthen to the level 97.60.

There is a strong and confirmed buy signal, as the chart is consolidated below Chinkou span, and the Ichimoku cloud is below the price. Tenkan-sen and Kijun-sen are directed upwards. Chinkou Span is below the price, the cloud is growing. Tenkan-Sen and Kijun-sen are directed upwards.

The upward movement will remain if the price stays above 97.97.

Bollinger Bands indicates the change of the trend being directed. The bands are widening.
The MACD is in a positive area right now.

Trading recommendations

The price is growing. We believe it is a short-term correction that will lead to a consolidation soon.
The first target of the northern movement is 98.90. If the pair breaks this it may go to 99.20 and 99.60.

We should not exclude and a bounce down to 98.40.