10, June 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The pair continues to fall in price after the daily Ichimoku cloud foundation has been tested at 99.99.

The pair is around the level of 97.90 now, there is a number of stop-orders below 95.40.

The sell signal is confirmed. The price is below the Ichimoku cloud.

The price is being traded below the Kijun-Sen and Tenkan-Sen, Kijun-Sen line is pointing down, the cloud has a neutral form.

Bands Bollinger Bands formed a side downtrend channel.
MACD began to go down.

Trading recommendations

From the technical point of view if the price breaks below the Ichimoku Cloud that will open the road to the April low levels near 92.60.

We advise to keep an eye at the growth of the pair above the resistance level 98.05. 98.8 and 99.6 are further levels of resistance.