08, August 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The Japanese currency is still growing against the dollar. In the Asian session, the yen was supported by the Japan stock market optimism decrease - Nikkei lost 1.05% and the Japanese currency accelerated growth is the result to the conflict between Ukraine and Russia.

The yen remains under the influence of external events, especially in Europe as well as the Bank of Japan meeting results expectations which is over today.

The upward trend from the 101.15 level is turned down.

The price is finding the first support at 101.60, the next one is at 101.00. The price is finding the first resistance at 102.23, the next one is at 102.70.

There is a non-confirmed and a weak sell signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement. The downward movement will be until the price is under the Cloud.

The MACD indicator is in a negative territory. The price is decreasing.

Trading recommendations

The potential decline targets are two levels of support: 101.75, 101.40.