13, March 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The dollar/yen fell down at the last trading session. We do not expect any change in the BoJ policy, the Bank meeting ended on Tuesday, and the statements of the BoJ Kuroda that he sees no need to change the monetary policy, were regarded as a hint that additional mitigation measures are not inevitable.

The support level is 102.23. The nearest resistance level is 103.80.

The pair is falling. Tenkan-sen and Kijun-sen are horizontal. Kijun-sen is crossing Tenkan-sen upwards that may be a direction change sign. The northern movement is strong. The cloud is neutral. The northern movement remains until Kijun-Sen is below the price.

Trading recommendations

The level 102.23 has been a strong resistance for a long time. The corrective price movement will be from 103.40. We expect a consolidation at 102.65.