12, March 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

Yesterday the pair "rested" after a prolonged growth last week. The reason for the growth are the results of the employment report in the U.S.. The pair grew to a 2009 maximum.

Yen continues to trade above the Ichimoku cloud, the buy signal is strong and confirmed.

The price is above the Kijun-Sen and Tenkan-Sen, indicator lines are horizontal.

Indicator Bollinger Bands is expanding and going upwards.
MACD histogram moves up and reaches its peak. It is possible a correction.

Trading recommendations

The pair continues its growth.

The pair is trading above the cloud the indicators confirm the upward movement. The first goal of the movement is the level 96.00, which is well tested, but not worked out. Should the pair consolidate at it the price will continue to move to the level 96.55.

Intermediate level is 96.90, the final target is 97.78.