12, February 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The Japanese currency also was in the consolidation versus the dollar and finished the day almost at prices of opening with a small growth. The future of the pair looks positively; we expect it to continue the growth to the maximum 105.40.

The role of the nearest support will be the level 100.75–101.00. If the price breaks it, testing in area 100.00 will be possible.

There is a confirmed and weak buy signal. Chinkou Span is below the price, the price is in the Ichimoku cloud. Kijun-sen and Tenkan-sen are directed upwards. The Cloud is neutral.

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

Trading recommendations

The resistance level 102.10 breakthrough was at a high volume. After that the pair began a consolidation.
The movement towards 102.10 will confirm the return to a growth. A rebound upwards from it towards the resistance 102.90 is expected. The breakthrough 102.90 will open the way to the downward trend line 103.90.