06, March 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The Japanese currency fell versus the dollar on yesterday's session and lost all the gains of the previous two days. Such a drastic change in the pair dollar/yen came amid the reports that Russia will not send troops into Ukraine and returns them to their bases.

The support is at around 102.20, the resistance is at 103.00.

The pair falling is stopped. Meanwhile, with a stable trading above 100.00 medium-term risks remain ascendant.

There is a confirmed and strong buy signal. Chinkou Span is below the price, the price is above the Ichimoku cloud. Kijun-sen and Tenkan-sen are directed upwards. The Cloud is directed upwards.

Bollinger Bands indicator shows a movement reversal. MACD histogram is in a positive zone. The histogram is growing.

Trading recommendations

We advise to consider long positions with the first target 103 now. In the case of overcoming the first target, we advise to open buy orders to 103.35.