14, May 2014

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General Overview

The Japanese yen fell against the dollar. Several factors at once lowered traders’ interest in the currency – the export sharp drop in March and the optimism growth on the U.S. stock markets. The latest news show money supply growth slowing.

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 is growing.

Trading Recommendations

The pair is traded in the range between the levels 102.65 - 102.00, 102.00 - 101.40. The volumes show a clear growth divergence and upward movement slowing. Buyers need to break and consolidate above 102.65 to continue the uptrend.