08, November 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

Bulls again do not have strength to continue an upward movement. Although the pair rose yesterday on the news, but almost immediately fell down.

We expect a range trading 98.02-99.02.

There is a strong and confirmed buy signal, as the chart is consolidated below Chinkou span, and the Ichimoku cloud is below the price. Tenkan-sen and Kijun-sen are directed upwards. Chinkou Span is below the price, the cloud is growing. Tenkan-Sen and Kijun-sen are directed upwards.

Bollinger Bands indicates the change of the trend being directed. The bands are widening.
The MACD is in a positive area right now. The histogram is decreasing.

Trading recommendations

Yesterday a rising trend line became a good support and repulsed the declining price up. News from Eurozone assisted to the growth.

The price movement is unpredictable. Market is "reeling" after interest rates lowering.

Now it is the best to stay away from market until it becomes more stable.