13, May 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

U.S. dollar traded near a strong support level 101.35 which came on declining volumes. The support level 101.35 has restrained sellers constantly for three months.

The first support is 101.60, the next one is 101.00. The first resistance is 102.23, the next is one 103.00. The price is in the Cloud and it is above the Chinkou Span.

The uptrend movement will be until the price is above the Kijun-Sen.

The MACD indicator is in neutral territory.

Trading Recommendations

The continued consolidation near strong support according to the history of the last three months is a signal to a bounce the price up. The main bounce target will be the strong resistance level 102.65. This mark break up will open the way to a downward trend line 103.50 or the resistance level at 103.90 - 104.00.