09, September 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The pair dollar/yen became stronger at the Friday's session, however the number of strong resistance levels near 100.00 didn't allow "bulls" to develop a success on dollar. The situation in Europe, connected with Central Bank decisions of rates alongside with prospects of monetary policy in the Eurozone and Britain almost have no impact on the pair.

Tenkan-Sen and Kijun-Sen are crossed in a descending "dead cross". Kijun-sen is moving in a horizontal direction parallel to the cloud, and the Tenkan-Sen continues to grow. The price is above the cloud. The Cloud is neutral.

Bollinger Bands follow the price up. The indicator shows a high volatility.
MACD is in a positive area and is growing.

Trading recommendations

The inclined line of resistance located on a mark 100.00, acted as an excellent obstacle for bulls. The rebound was accompanied by a breakdown of the trend ascending line and the closest level of support 99.75. If the pair is not able to break through higher than 99.75 before American session, the descending correction will take a wider "format" and will proceed to 99.15 – 99.00. The break of the support level 99.00 will open the way to 98.60.