10, September 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The Japanese yen also fell against the dollar. Probably, the first push for the rally resumption was given by the message that the second GDP estimate in the 2nd quarter recorded an even greater reduction than it was previously stated. Further, the yen could be pushed by the prime minister of Japan economic adviser E. Honda statements who spoke about the new sales tax growth inexpediency which is planned for the next year.

There was the strong resistance level of 105.30 breakthrough.

The continuous trading in the uptrend direction has led to the upper bound at the level of 105.70 breakthrough. The upward trend continues to gain strength.

The price is finding the support at 106.30, the next one is at 105.70. The price is finding the resistance at 106.70.

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

Currently, the price is being traded above the resistance level 106.30 which has already become a support. We do not exclude the consolidation.