07, October 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

USD/JPY fell below 97.00 to 97.80, but rebounded to 97.30. External problems, especially the U.S. debt ceiling, can continue to pressure the pair. "We keep our view of the pair at 99 level in one month at some of the external shocks, and 103 level in three months," - the research team of the bank Tokyo Mitsubishi said. "JPY may depreciate against Asian currencies, with the support of the Japanese corporate capital flight."

Tenkan-Sen and Kijun-Sen are crossed in a descending "dead cross". Kijun-sen is moving in a horizontal direction parallel to the cloud, and the Tenkan-Sen continues to grow. The price is below the cloud. The Cloud is growing.

Bollinger Bands indicates that the downward movement continues, the bands widen and a directed downwards.
MACD is in a negative area.

Trading recommendations

Fixing the price above 97.60 would be a good sign for continued growth with a target - 98.00 resistance.