08, May 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The price has not still worked out its first resistance level 99.30.

The buy signal is strong, Chinkou Span is higher the price. The first target is 99.30. If the first target is overcame, the upward movement will continue to the 100 level.

USD/JPY is above the Kijun-Sen and Tenkan-Sen, Kijun-Sen line is directed down, the Cloud is neutral.

Bollinger bands are broadening, the middle line is directed upward.
The MACD histogram has left a negative zone, it is growing, supporting a buy signal.

Trading recommendations

The pair has moved beyond the Ichimoku cloud. If the pair USD/JPY is able to consolidate above the Cloud it will have a good chance to reach the 100 level again.

If the pressure on the USD/JPY renews it can go to the level 97.80. The next target of the southern movement is 96.55.