14, March 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The Japanese currency fell versus the dollar. Obviously, the lack of appetite for risks in the light of geopolitical problems in Europe, reduced the U.S. government bonds yield. The pair lost almost 200 p. at yesterday’s trading. Draghi’s speech that he is not satisfied with the euro just strengthened the downward movement.

The support level is 101.60. The nearest resistance level is 102.23.

The pair is falling. Tenkan-sen and Kijun-sen are directed down. Kijun-sen is crossing Tenkan-sen downwards. The southern movement is strong. The cloud is neutral. The southern movement remains until Kijun-Sen is above the price.

Trading recommendations

The market is directed down. We expect the decrease to be continued. The volumes are high and the pair can reach 101 soon.