10, September 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The national holiday is held in Tokyo, Japan was announced to host the Olympic Games in 2020. This attitude is transferred to the mood in Asian markets, which raised USD/JPY - at least in early trading. For the USD/ PY there will be many other events on this week after the daily bearish engulfing candle on Friday. Meanwhile traders will have to deal with data from Japan and the U.S., particularly in the current U.S./Syrian conflict.

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 descending.

Trading recommendations

Taking into account positive fundamental data on JPY, regarding the current balance seasonally adjusted, all working off the gap must occur. In addition, it is worth noting the resistance level of 99.80, which still can not be broken up.

Bounce off level will be accompanied by falling prices for the nearest support level 99.10. Breakthrough 99.10 will open the way down to 98.70 - 98.40.