07, April 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

Apparently, the pair was under the technical factors influence, as it fell to a strong support level at around 104.00/10, the “bulls” could not push the price higher than 130.80.

Last week the yen is losing its ground versus the U.S. dollar. The USD continued growth was not supported by the volumes, what in the short term led to the pullback.

The pair is growing. Kijun-sen and Tenkan-sen are directed upwards. The northern movement is strong as the pair is above the Cloud. The Cloud is growing as well. The northern movement remains until Kijun-Sen is below the price.

The support is 103. The resistance is 103.80.

MACD is in a positive area. The indicator is decreasing showing a sell signal.

Trading recommendations

The pair is overbought. We expect a downward movement. The pair shall return to 103 soon.