09, September 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

There was a historical resistance level of 105.70 testing. The price came above this level.

As a rule, the false the strong resistance level testing is a good signal for the upward trend reversal. But as long as the sale proceeds in the uptrend direction, the bullish trend is still strong.

The price is finding the support at 105.70, the next one is at 105.30. The price is finding the resistance at 106.30.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a positive territory. The price is growing.

Trading recommendations

The resistance level of 105.70 testing is more likely to lead to the consolidation.