04, November 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The Japanese yen was in the centre of attention. The yen fell against all of its competitors. The Bank of Japan last meeting decision to increase the quantitative easing volume caused the Japanese yen sales.

The US dollar strengthened against the Japanese yen. The price growth was supported by the trading volumes that formed a new high for the last two weeks.

The current price growth stopped at the mark of 113.80. It is likely that its correction can be in the short-term.

The price is finding the first support at 113.00, the next one is at 112.50. The price is finding the resistance at 114.20.

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. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

The approach to the levels of 112.50, 113.00 lead to a price rebound upwards.