10, July 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The current buy signal is confirmed and strong as Chinkou Span is above the price, and the price is above the Ichimoku cloud. The price grew up Friday having stopped in the area 101.30. In the case of overcoming this level the upward movement will be continued to the resistance level 102.52.

The upward movement will be relevant as long as the price is above Kijun-sen, if the yen consolidates below the Kijun-sen, the "golden cross" will be weakened.

Chinkou Span is above the price, which confirms the current buy signal and indicates a bullish market sentiment for the pair.

Bollinger Bands show a continuation of the upward movement, the band geared up and broadening, making relevant long positions in the market now.
MACD is directed up, confirming the current uptrend.

Trading Recommendations

The five-week high 101.54 reached on Monday remains vulnerable, while investors, staking on dollar are aimed at achieving the level 102.52.

Full correction to the peak of May 22 in 103,74 is also likely in the longer term, and can occur after the break above 101.38 of the Asian session.