10, March 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

Japanese currency again fell versus the U.S dollar and other majors. The reports received from Japan say that it intends to diversify the investment portfolio of the pension fund.

The support is at 103 and 102.80, the nearest resistance level is 103.80.

There is a strong buy signal. The price is above the cloud and above the Chinkou Span.

The upward movement will be continued as long the price is above the Kijun-sen. The Cloud is growing.
The Tenkan-Sen and the Kijun-Sen are directed upwards.

Bollinger Bands indicator points to a northern movement. Its bands are broadening being directed up.
MACD is in the positive area. The indicator is growing.

Trading recommendations

The strong daily resistance level 102.60, retaining buyers during the month, was broken up. The break volumes have formed a divergence. It is possible that this will not be prolonged breakthrough. However, the next potential targets is located at around 103.40, 104.00.