06, November 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The bulls have only one task for today - to take the level 99.00.

Traders watch carefully the dynamics of the pair. Shall the pair decrease that may perk up "bull" for an attack of a strong resistance level 99.00.

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.

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

Trading recommendations

We assume the price may go down soon. Bollinger Bands are turning, that might be a signal for a turn.

The first target of the northern movement is still 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 97.90.