14, February 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The dollar/yen trading again held in a narrow range and was closed very close to the opening price. Perhaps the market did not find a reason for a movement, other than the incentives provided by the stock market and USA’s "treasuries", yesterday's events which did not have an increased activity.

The pair started a correction and it is possible to come to the support 100.00-100.20. Meanwhile, as the pair held above 100.00, medium risks will be directed towards the growth, and after the completion of the current correction phase which can be over in significantly higher than mark 100.

There is a confirmed and weak buy signal. Chinkou Span is below the price, the price is in the Ichimoku cloud. Kijun-sen and Tenkan-sen are directed upwards. The Cloud is neutral.

Bollinger Bands indicator shows an upward movement as its bands are expanded and directed upwards. MACD is growing, showing a buy signal.

Trading recommendations

The trading volumes remain at the level of reduction. The support level 102.00 may remain untouchable today.

If the price breaks 102.00 down the potential target of price fall will be the mark 101.00, a retest 100.70.