12, September 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

There is no Japanese economy news for today so the yen continues to fall against the dollar and on the current trading, obviously amid the Japan stock market optimism wave, where the Nikkei has grown by almost 0.8%.

The corrective price decrease to the level of 106.70 was fallowed by the price bounce upwards. However, judging by what amounts were used to the continued American dollar growth against the Japanese yen, it can't be called as the confident uptrend.

The price is finding the support at 106.70, the next one is at 106.30. The price is finding the resistance at 107.10.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen – a horizontal. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a positive territory. The price is consolidating.

Trading recommendations

The price is likely to go to the downward trend line 106.30. We believe it will continue growing.