13, March 2013

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

Yen is gowing down. The pair was in a correction yesterday.

We have a strong buy signal. Yen continues to trade above the Ichimoku cloud.

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.