08, May 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The bottom face breakthrough uplink 101.75 received strong support level 101.35 which has not let sellers down for three months.

The first support is 101.60, the next one is 101.00. The first resistance is 102.23, the next is one 103.00.

There is a strong and confirmed sell signal. The price is under the Cloud and it is above the Chinkou Span.The downtrend movement will be until the price is under the Kijun-Sen.

The MACD histogram is pointing down, indicating the current downtrend movement rates.

Trading recommendations

The sellers need to break and consolidate below 101.35 to continue the bearish movement. The daily support level 100.40 will act as a potential target.