06, November 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The dollar growth continued against the yen. The pair stopped in a no-man’s land. Earlier the Japanese yen also strengthened against the US dollar. In fact, in this case there was a profit taking on the important week events expectations. However, today the yen is again under pressure at the session caused by the Bank of Japan head H. Kuroda who made it clear about intentions to continue easing for the economy stimulation and, on the other hand, the reports about the Republicans winning the elections.

The formed consolidation at the level of 113.50 was followed by the price rebound upwards with the further local maximum price updating at the level of 114.60.

The local maximum updating allowed buyers to touch to the resistance level of 114.60.

The price is finding the first support at 113.50, the next one is at 112.60. The price is finding the resistance at 114.60.

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 a horizontal 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

We do not have targets upwards. The visible mark the price can bounce further is 114.60