05, May 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The U.S. dollar has been trading near the lower upward channel boundary 102.20 - 102.30. The bears cannot break below these marks even amid the Japanese yen fundamental support which pleased the market with the positive data.

The first support is 102.23, the next one is 101.60. The first resistance is 103.00, the next is one 103.80.

The price is in the Cloud and it is above the Chinkou Span.

The downtrend movement will be until the price is under the Kijun-Sen.

The MACD histogram is at zero area.

Trading Recommendations

The volumes near the uptrend line show a decrease. It is likely to expect the price rebound at least to the resistance level 102.65 in the short term. This mark is the maximum for the bulls in the last two weeks.