14, April 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The Japanese currency strengthened versus the dollar and the European majors. Lack of appetite for risk in the stock markets of Japan and the U.S., as well as the U.S. “Treasuries” continued decline in yield, kept demand for the yen. The published data have shown that the increased price pressure in Japan is not stable.

The support is 101.60. The first resistance is 102.23, the next one is 103.00.

The Kijun-sen and the Tenkan-sen are directed downwards. The Tenkan-sen is crossing the Kijun-sen down. The southern movement is strong as the pair is below the Cloud. The Cloud is directed down. The southern movement remains until Kijun-Sen is above the price.

The support is at 101.60. The resistance is 102.23.

The MACD histogram is still located in the negative zone and it is lower then its signal line.

Trading recommendations

The pair is decreasing. If the price keeps going down it will test 101 soon.
The rebound may happen to 102.23 any time now.