08, July 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The yen grew up. Obviously, the fact that traders chose the yen was due to an optimism fall on stock markets, as well as due to the U.S. "Treasuries" yield decrease. We remember the BoJ quarterly report,

which announced a moderate economic recovery pace and conservation assessment for the all nine country regions.

The price is finding the first support 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.

The price is in the Cloud and it is under the Chinkou Span. The downward movement will be until the price is under the Kijun-Sen.

The MACD indicator is in a negative territory. The indicator is decreasing showing the sell signal.

Trading recommendations

The price consolidation at 101.60 is a good sign for the price upward rebound. The main target is the level of 101.23.