11, November 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

Bears could not hold 99.00 and gave the power to bulls. If the news from the United States shows a negative we can expect a yen growth continuation. Today's levels of support are 98.90 and 99.

There is a strong and confirmed buy signal, as the chart is consolidated below Chinkou span, and the Ichimoku cloud is below the price. Tenkan-sen and Kijun-sen are directed upwards. Chinkou Span is below the price, the cloud is growing. Tenkan-Sen and Kijun-sen are directed upwards.

Bollinger Bands indicates the change of the trend being directed. The bands are widening.
The MACD is in a positive area right now. The histogram is decreasing.

Trading recommendations

The price return back to the level 99.00 was followed by a rising trend line break 98.50 to a high enough volume.

If the price does not break the downward trend line there will bounce down to the support level 97.55. The breakout of 97.55 will open the way down to the rising trendline 97.25