07, March 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The Japanese yen continues to hold its position that was won against the dollar after Japanese investors repatriated foreign income dividends and bond coupons. These actions have helped to reverse the sale of yen for traders who are waiting that the Bank of Japan will soften the financial policy in the coming months.

Price continued to grow. Yesterday the pair reached the desired 93.93 to stay on it. Today the pair is expected to continue going north.

The yen is trading above the Ichimoku cloud, the buy signal is strong and confirmed.

The price is above the Kijun-Sen and Tenkan-Sen lines. The cloud is directed up.

Bollinger Bands are narrowing.
MACD is going up.

Trading recommendations

The pair finally set its mind. Yen is being traded above the cloud and the Ichimoku lines. Everything supports the bullish trend.

The first goal of the movement is level 93.93, which the price tested, but did not fix at it. If yen consolidates at it the pair will move to the level 94.65.

Opening orders you need to consider the fundamental news and the time of its release.