11, February 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The USD/JPY did not show anything interesting yesterday. The pair keeps staying at 102.23. The pair keeps trying to continue the growth to 105.45. If the pair breaks this level we do not exclude the growth to 110.72. The nearest support is 100.78-101.05.

There is a confirmed and strong sell signal. Chinkou Span is below the price, the price is in the Ichimoku cloud. The southern movement remains until the price is below the Kijun-sen. Kijun-sen and Tenkan-sen are directed downwards. The Cloud is descending.

Bollinger Bands indicator shows a downward movement as its bands are expanded and directed downwards. MACD is growing, showing a buy signal.

Trading recommendations

The support 100.70 became the pivot mark for a correction. If the price keeps growing with weak volumes the price can fall. The levels 102.54 and 102.05 are potential targets.