06, May 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The consolidation was continuing in the resistance level 102.65 for two weeks. The level deep retest, which occurred on Friday, did not lead to a breakthrough and was false.
The rebound from 102.65 level was not accompanied by increased volume. This suggests that the nearest resistance at 101.80 as the rising trend line (lower limit uptrend) meets the price reduction. In this level area, the consolidation may be formed which will lead to the uptrend continuation in consequence.

The first support is 101.60, the next one is 101.00. The first resistance is 102.23, the next is one 103.00.

There is a weak and non-confirmed sell signal. The price is under 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 potential growth target is the repeatedly checked on the strength resistance level 102.65. Its break opens the way up to 103.90.