USD/JPY (a 4-hour chart)
Analyzing USDJPY on February 12 we can see that the price is fixed above the level 93.73 and has formed a very strong buy signal.
The buy signal is confirmed and strong as the Chinkou Span is above the price chart and the price is above the Ichimoku cloud. Now the goal of the upward movement is the next level of resistance 94,65.
We believe that the price should return to 93.73 as a short-term correction before continues its movement up. When the price overcomes the level 94,65 the upward movement will be continued to the third level of support which is 95.98.
This movement will be actual as long as the price is above the Kidjun-sen (93.28). If the price consolidates below this line it will question the upward movement.
The Chinkou Span is above the price chart that is a good confirmation of the current buy signal, indicating the bullish mood of traders.
Bollinger Bands are narrowed and show aside movement. You’d better consider long positions today.
MACD is turned up and indicates the current upward movement. The price can bounce from 94.65 and start a correction.
We advise to go long with the first target 94.65, but only when the price consolidates over 93.73 which has not been worked out yet.
When overcoming this target long positions to the 95.98 will become actual.
Stop-loss is recommended to place below 93,73 and when this line goes up move and stop-loss upwards.
When you get profit of 30 - 40 points, stop loss can be moved to a breakeven. You can place take-profit below our targets.